Corestate Capital Holding has acquired 271 student apartments in Munich for Germany’s largest pension fund Bayerische Versorgungskammer (BVK).
The Luxembourg-based property investment manager said it bought the residence, known as Reserl, in Munich from developer Strabag Real Estate.
No financial details were disclosed.
In October 2016, BVK hired Corestate to invest €500m in European micro-apartments.
Corestate said today the property will become part of the real estate umbrella fund launched on the Luxembourg AIF platform by Universal-Investment on behalf of BVK.
Reserl offers 6,300sqm of residential space. Apart from 271 student apartments, it also includes a supermarket and a gastronomy unit with a combined space of 785sqm.
The student apartments were opened in autumn last year and full completion of the asset took place in February this year.
Corestate’s subsidiary Upartments Real Estate will operate the residence.
Thomas Landschreiber, the CIO of Corestate said: “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.”
