Corestate Capital Holding S.A.: CORESTATE Develops Student Housing Project in Madrid, Spain
DGAP-News: Corestate Capital Holding S.A.: CORESTATE Develops Student Housing Project in Madrid, Spain
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous
2016-11-10 / 08:30
The issuer is solely responsible for the content of this announcement.
CORESTATE Develops Student Housing Project in Madrid, Spain
CORESTATE Capital Holding S.A. (“CORESTATE”), a fully integrated real estate investment manager and co-investor, has acquired a re-development asset in Madrid, Spain to realize a student home project. The current planning phase envisages a total lettable area of 4,022 sqm, featuring 260 rooms with 302 beds.
The asset, which was operated as a student residence for 44 years, is located in the ‘Ciudad Universitaria’ neighborhood, a residential enclave which is home to nine universities with over 120,000 students. CORESTATE plans to deconstruct the existing complex and develop a new building in order to create one of Madrid’s best equipped student homes. The project will offer various amenities such as a lobby with reception and concierge, common spaces with a restaurant, gym and washing lounges, as well as recreational areas such as backyard, roof terraces and patios.
The fully furnished rooms will offer a private bathroom and high speed internet. Included services will be full board (three meals per day), weekly cleaning and housekeeping services.
“Madrid is a very attractive destination for national and international students alike as numerous public and private universities offer a great variety of graduate and undergraduate studies. Due to the high demand for living space and the extreme privileged location of the asset, we strongly believe that this project will be well accepted by its tenants”, comments Thomas Landschreiber, Chief Investment Officer of CORESTATE.
Investor Relations Contact
Henryk Deter / Mirko Koch
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Tom Zeller, Managing Partner
Feldhoff & Cie. GmbH
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CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. is a fully integrated real estate investment manager and co-investor seated in Luxembourg that also has offices inter alia in Frankfurt, Zurich, London, Madrid and Singapore. Since foundation of CORESTATE in 2006 the transaction volume amounts to approximately EUR 5.6 billion. CORESTATE accompanies its customers along the entire value creation chain of a real estate investment product and covers, in particular, deal sourcing and the development of investment products, structuring and execution of transactions, real estate investment management services and the development and execution of exit strategies.
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.