Corestate Capital Holding S.A.: CORESTATE and Universal-Investment acquire 271 student apartments in Munich from STRABAG Real Estate for Bayerische Versorgungskammer
DGAP-News: Corestate Capital Holding S.A.: CORESTATE and Universal-Investment acquire 271 student apartments in Munich from STRABAG Real Estate for Bayerische Versorgungskammer
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous
04.04.2018 / 09:00
The issuer is solely responsible for the content of this announcement.
CORESTATE and Universal-Investment acquire 271 student apartments in Munich from STRABAG Real Estate for Bayerische Versorgungskammer
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated property investment manager and co-investor based in Luxembourg, has bought the student residence “Reserl” in Munich in an asset deal from developer STRABAG Real Estate GmbH. The property will become part of the real estate umbrella fund launched on the Luxembourg AIF platform by Universal-Investment on behalf of German pension fund Bayerische Versorgungskammer (BVK).
The property offers close to 6,300 sq.m. of residential space. Apart from 271 student apartments, it also includes an organic supermarket and a gastronomy unit with a combined space of 785 sq.m. The student apartments were opened in autumn last year; full completion of the asset took place in February 2018.
Reserl is located directly at the underground station Brudermühlstrasse in Munich’s Sendling district. Both the inner city as well as the Ludwig-Maximilians-University are 15 minutes away.
Thomas Landschreiber, CIO of CORESTATE: “A possible alternative use and the flexible design was already incorporated during the conception phase of the building. The apartments can be partitioned and individually billed and can thus easily be privatised. With its experience in student and micro-living, CORESTATE is able to tackle and implement these kinds of new concepts.”
“With the transaction, we benefited from the tense Munich housing market and the central location of the property as well as from the development of a modern living concept”, says Rainer M. Schäfer, managing director of STRABAG Real Estate, highly pleased with the deal.
UPARTMENTS Real Estate GmbH, part of the CORESTATE Group, will operate the residence.
IR Contact CORESTATE
Dr. Kai Gregor Klinger
T: +49 69 3535630-107 / Cell phone: +49 152 22755400
PR Contact CORESTATE
Phone: +49 69 264867715 / Cell phone: +49 176 10430063
PR Contact STRABAG Real Estate
Phone: +49 221 824-2137 / email@example.com
PR Contact Universal-Investment
Phone: + 49 69 71043 575 / firstname.lastname@example.org
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 22bn 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 41 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 560 people and is listed in the regulated market (SDAX) of the Frankfurt Stock Exchange.
Further information is available at www.corestate-capital.com.
About STRABAG Real Estate GmbH
STRABAG Real Estate GmbH (SRE) is one of Europe’s leading project developers and is particularly strong in Germany and Austria. As part of STRABAG SE, it is one of the financially strongest and most innovative construction technology groups. The company’s range of services encompasses all phases of project development – from initiation and planning up to realisation, leasing and sale. The broad SRE portfolio includes the development of office, retail and commercial real estate as well as residential buildings, hotels and special properties. Since its foundation in 1965, the company has completed more than 450 projects. In addition to the MesseCity in Cologne, currently the biggest projects of SRE are the FLARE in Frankfurt/Main, the NEW OFFICE in Dusseldorf and the INTELLIGENT QUARTERS in Hamburg: www.strabag-real-estate.com
With fund assets in excess of about EUR 355 billion under administration, thereof EUR 295 billion in own vehicles, over 1,100 funds and investment mandates and a workforce of around 650, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. The 1968 founded company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Owing to the strong growth since starting the real estate business in 2011, Universal-Investment established itself as largest companies for institutional open-ended real estate funds in Germany. According to the 2017 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment ranks in second place. (As per 31 December 2017)
Please visit www.universal-investment.com for more information
This press 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.