Corestate Capital Holding S.A.: CORESTATE receives managed account mandate for development of micro-apartment project in Munich, Germany
DGAP-News: Corestate Capital Holding S.A.: CORESTATE receives managed account mandate for development of micro-apartment project in Munich, Germany
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Agreement
11.04.2017 / 09:00
The issuer is solely responsible for the content of this announcement.
CORESTATE receives managed account mandate for development of micro-apartment project in Munich, Germany
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, has received a managed account mandate for the development of a micro-apartment project in Munich, Germany. The mandate was given by W5 Group, the family office of Ralph Winter, founder of CORESTATE. Upon completion of the project in summer 2018, the asset will comprise 55 fully furnished and self-contained serviced apartment units. The land plot is located near Ostbahnhof and in the direct vicinity of various business parks, such as Siemens Campus and Werksviertel München.
Thomas Landschreiber, Chief Investment Officer of CORESTATE: “Managed accounts will play a much bigger role in CORESTATE’s future: we will offer much more individual strategies for selected assets or portfolios. The European market for micro-apartments has gained significant momentum over the past few years, due to the increase in demand. The focus has shifted and does not only lie on students as a target group anymore; business travelers and young professionals are also seeking micro-apartments that offer a certain service level.”
The asset will be operated by MicroLiving Service GmbH (MicroLiving), a property management company founded by CORESTATE. The company focusses on the asset class of micro-apartments and currently manages 4,200 units in Austria, Germany and Spain. In addition to providing property and facility management services, MicroLiving also implements marketing activities for every single asset and offers consulting services for companies in the micro-living segment.
Henryk Deter / Mirko Koch
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About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with EUR 16bn* in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 26 offices including in Dusseldorf, Frankfurt, Madrid, Singapore and Zurich. The company employs over 390 people and is listed on the Frankfurt Stock Exchange. Further information is available at www.corestate-capital.com.
*The completion of the Hannover Leasing Group transaction is still subject to the conclusion of ownership control procedures by the Federal Financial Supervisory Authority, BaFin
This release may contain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at [ir.corestate-capital.com]. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.