Corestate Capital Holding S.A.: CORESTATE acquires 257 new apartments in Berlin and Dresden
DGAP-News: Corestate Capital Holding S.A.: CORESTATE acquires 257 new apartments in Berlin and Dresden
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous
27.02.2018 / 08:30
The issuer is solely responsible for the content of this announcement.
CORESTATE acquires 257 new apartments in Berlin and Dresden
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, has bought 257 new apartments in Berlin and Dresden for its Special AIF CORESTATE Residential Germany Fund II. The total transaction volume is in the two-digit million euro range.
CORESTATE bought the Alfred & Charlotte project in Berlin’s Lichtenberg district from developer Belle Époque. Upon planned completion in the fourth quarter of 2019, the five-storey residential and commercial building will offer 120 flats with 6,140 sq.m. of lettable space as well as 1,160 sq.m. of retail space, an office or medical practice unit and a kindergarten.
In Dresden, CORESTATE bought an inner city project, located between the Zwinger castle, the Semper Opera and the iconic Frauenkirche church. The seller is investor and project developer Revitalis Real Estate, which is creating a new urban living quarter directly on the central Altmarkt square. The part taken over by CORESTATE includes 137 flats with 8,700 sq.m. of space as well as 190 sq.m. of retail space. Completion of the eight-storey building is planned for mid-2020.
Thomas Landschreiber, Chief Investment Officer, CORESTATE: “Due to our good market network, we were able to secure two attractive long-term investment opportunities with these two projects for our investors in the CORESTATE Residential Germany Fund II.”
The open-ended Special AIF is aimed at institutional investors in the German-speaking region and has a target investment volume of at least EUR 300m. The CORESTATE Residential Germany Fund II is focused on new residential buildings in metropolitan regions and prosperous cities across Germany. The fund targets a regular distribution of at least 4% p.a. Hannover Leasing Investment GmbH is acting as the fund administrator (KVG).
Dr. Kai Gregor Klinger
T: +49 69 3535630-107 / M: +49 152 22755400
T: +49 69 264867715 / M: +49 176 10430063
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 530 people and is listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Further information is available at www.corestate-capital.com.
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.