Corestate has acquired a new construction project with seven buildings and a total of 54 residential units for a real estate special AIF. The project was successfully developed by EcoLoft Gruppe AG to the Kfw55 standard and has now been included in the “CORESTATE Residential Germany Fund III” as part of an asset deal.
Frankfurt, 13 July 2022 – CORESTATE Capital Group S.A. (Corestate), a leading independent real estate investment manager in Europe, has acquired a new construction project with seven buildings and a total of 54 residential units for a real estate special AIF. The project was successfully developed by EcoLoft Gruppe AG to the Kfw55 standard and has now been included in the “CORESTATE Residential Germany Fund III” as part of an asset deal. Thanks to the excellent cooperation of all parties involved, the property was taken over on schedule in May. The first tenants are expected to move in before the end of August 2022.
The seven residential buildings each have four floors with a total living space of almost 4,600 square meters and an additional 60 outside parking spaces. The apartments are partially barrier-free and have two to four rooms ranging in size from 67 to 137 square meters. The elevators also ensure barrier-free apartment access.
The project in Kitzingen is already the second of a total of five planned project developments to be integrated into the special fund. The other properties will follow later in the course of the year or in 2023.
The Bambi project is located in Südstadt / Mühlberg on Wörthstraße not far from the old town. The residential development is located close to the city center and is excellently connected to the public transport network via the nearby bus stop. Kitzinger’s city center and train station can be reached in a few minutes by bicycle. The immediate location on the federal highway B8 ensures a quick connection to the supra-regional road network. Due to an adjacent supermarket as well as a pharmacy, various restaurants as well as schools, childcare facilities for children of all ages and an adult education center in the immediate proximity, an optimal infrastructure for the residents is guaranteed.
About CORESTATE Capital Holding S.A. (CORESTATE)
CORESTATE is an investment manager and co-investor with around € 19 billion in assets under management in the core business. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With more than 500 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London. Please visit www.corestate-capital.com for further information.
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