CORESTATE has acquired its first Micro Living properties in Gdansk and Krakow for Bain Capital Credit, a leading global credit specialist with approximately $41 billion in assets under management. In December 2019, the two companies entered into a joint investment partnership in Poland in the student apartments and serviced apartments segment. The agreed total investment framework initially amounts to around EUR 500 million and also includes asset and property management agreements.
Frankfurt, February 3, 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent investment manager for real estate in Europe, has acquired its first Micro Living properties in Gdansk and Krakow for Bain Capital Credit, a leading global credit specialist with approximately $41 billion in assets under management. In December 2019, the two companies entered into a joint investment partnership in Poland in the student apartments and serviced apartments segment. The agreed total investment framework initially amounts to around EUR 500 million and also includes asset and property management agreements.
Lars Schnidrig, CEO of CORESTATE Capital Group: “With Poland we are entering our next new market as part of our growth strategy. Through client investments in 11 countries, we have now established a solid pan-European real estate platform, which we will continue to expand very systematically for the benefit of our clients. The new properties in Poland now increase our Micro Living offering in Europe to well over 30,000 beds. On the basis of this long-standing product expertise, we have developed into one of the most distinguished investment managers for large, international institutional investors in the still young asset class Micro Living. This implementation strength was also decisive for Bain Capital Credit, which we were able to win as a new partner with many years of real estate experience throughout Europe.”
The total investment volume of the two properties is around EUR 73 million. Apart from the medical campus of Jagiellonian University, an apartment complex consisting of two buildings with 606 fully furnished apartments (689 beds) and total rental space of close to 12,000 m² is being built in Krakow. A new building for students with 475 units and 558 beds will be run under the Youniq brand. In addition to dining facilities, the project will include a kiosk, various common areas for study and leisure, a gym and a launderette. Furthermore, an adjacent listed building will be developed into a serviced apartment building of the JOYN brand. In Gdansk, a student apartment building is also being built for Youniq with 279 units (409 beds) and total rental space of approximately 6,200 m². Special facilities will include a communal kitchen, fitness rooms, a launderette and a TV and gaming room.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. 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 some 800 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 (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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