CORESTATE and Bayerische Versorgungskammer Launch Micro Apartment Fund with targeted volume of EUR500m
DGAP-News: CORESTATE and Bayerische Versorgungskammer Launch Micro Apartment Fund with targeted volume of EUR500m
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Alliance
2016-10-21 / 09:15
The issuer is solely responsible for the content of this announcement.
21 October 2016
NOT FOR PUBLICATION OR DISTRIBUTION EITHER DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN.
CORESTATE and Bayerische Versorgungskammer Launch
Micro Apartment Fund with targeted volume of EUR500m
CORESTATE Capital Holding S.A. (“CORESTATE”), a fully integrated real estate investment manager and co-investor based in Luxembourg, and Bayerische Versorgungskammer (BVK), one of the largest institutional pension funds in Germany with assets under management of more than EUR70bn, have launched the special fund “BVK-Residential Europe-Immobilienfonds Corestate” with a targeted volume of at least EUR500m.
The special fund primarily invests in micro apartments, especially in student housing properties in European university towns that have continued to display solid economic fundamentals, with a special focus on Germany and Austria. The first assets integrated into the fund are five student housing assets with a total of 1,836 units from CORESTATE’s current portfolio, which have an aggregated annual net rental income of approximately EUR9.3m. Four assets are located in Germany and one asset is located in Austria.
André Heimrich, Member of the Management Board Investments, Bayerische Versorgungskammer: “For us, the newly launched micro-apartment fund offers the rare opportunity to invest in a functioning portfolio with an attractive return forecast and at the same time to involve a specialist in this segment for asset management. As a result, we are also expanding our investment spectrum with a future-oriented asset class.”
Sascha Wilhelm, CEO, CORESTATE: “We were one of the first investors to enter the student housing market in Germany. Together with semi-institutional investors we developed a successful investment product and at the same time set up a fully functioning operating platform for this asset class. With BVK we have now won an institutional partner who is also convinced of the value of this product.”
CORESTATE is responsible for the acquisition, investment and asset management as well as the operation of the real estate properties of the fund.
Press Contact of Bayerische Versorgungskammer
Dr. Maike Kolbeck
T: +49 089 9235-8069 / email@example.com
Investor Relations Contact of CORESTATE Capital Holding S.A.
Henryk Deter / Mirko Koch
Phone: +49 0611 20585540 / firstname.lastname@example.org
Press Contact of CORESTATE Capital Holding S.A.
Tom Zeller, Managing Partner
Feldhoff & Cie. GmbH
Phone: +49 69 264867715
Cell phone: +49 176 10430063 / email@example.com
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany’s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions’ and communal pension schemes. Bayerische Versorgungskammer covers about 2.1 million insured persons in total, with contributions of EUR 4.2 billion and EUR 3 billion pension payments annually. It currently has EUR 66 billion assets under management and 1,200 employees.
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 publication constitutes neither an offer to sell nor a solicitation of an offer to purchase securities. The securities that are the subject of the listing discussed in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the Securities Act.
In the United Kingdom, this publication is directed only at persons who: (i) are qualified investors within the meaning of the Financial Services and Markets Act 2000 (as amended) and any relevant implementing measures and/or (ii) are outside the United Kingdom or (iii) have professional experience in matters relating to investments and fall within the definition of “investment professionals” contained in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or are persons falling within article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or fall within another exemption to the Order (all such persons referred to in (i) to (iii) above together being referred to as “Relevant Persons”). Any person who is not a Relevant Person must not act or rely on this publication or any of its contents. Any investment or investment activity to which this publication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This publication contains statements related to future business and financial performance and future events or developments involving CORESTATE that may constitute forward-looking statements. These statements may be identified by words such as “expect”, “intend”, “look forward to”, “believe”, “will” or other words of similar meaning. Such statements are based on current expectations and certain assumptions of CORESTATE ‘s management, of which many are out of our control. These are subjects to a number of risks and uncertainties. Should one or more of this risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of CORESTATE may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. CORESTATE does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.
This publication is not a prospectus. Investors should not purchase or subscribe for any securities
referred to in this publication except on the basis of information in the prospectus to be issued by
CORESTATE in connection with the offering of such securities.