21 January 2018
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CORESTATE acquires 5 development projects in Germany

12 January 18 - RE+D Magazine
CORESTATE acquires 5 development projects in Germany

COMPANIES

Savills

Consultant - GREECE

Solum Property Solutions

Consultant - GREECE

IBI Group

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
CORESTATE Capital Holding S.A., a fully integrated real estate investment manager and co-investor based in Luxembourg, has acquired five project developments comprising a total of over 1,700 newly built micro-apartments in Germany.

 

The five properties were acquired by way of a forward deal for the real estate umbrella fund set up for Bayerische Versorgungskammer (BVK) on the Luxembourg-based AIF platform of Universal-Investment.

The combined asset value after completion will be EUR 670m. The projects' seller and developer is CG Gruppe AG.

The high-rise buildings are located in Dresden, Dusseldorf, Frankfurt/Offenbach, Cologne and Leipzig, respectively.

The asset in Dresden will comprise 191 residential units with a total floor space of c. 11,100 sqm, 262 parking spots and 3,300 sqm of commercial space, as well as a restaurant and a bistro. In Düsseldorf, a multi-story building of 423 residential units with a total floor space of 22,600 sqm and close to 1,000 sqm of commercial space is being constructed by 2021.

Featuring a Skylounge, a wellness area and a gym as well as underground parking for electric cars, the property at Kaiserlei right on the city limits of Offenbach and Frankfurt/Main will comprise 632 apartments with a combined living space of 31,500 sqm and c. 6,200 sqm of commercial space.

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