Corestate acquires Berlin asset for BVK micro-apartments fund
Corestate Capital Holding has bought a micro-living apartment building in Berlin for Germany’s largest pension fund Bayerische Versorgungskammer (BVK).
The European real estate manager and Universal-Investment bought the building for the BVK Residential Europe Immobilienfonds Corestate fund.
Financial details were undisclosed.
Corestate said the micro-apartment complex with a plot size of 2,100sqm, is being built and furnished, with 183 apartments providing total rentable space of 4,200sqm.
Completion of property construction is scheduled for the beginning of September.
The BVK fund was jointly created in October 2016 by BVK, together with Corestate and Universal-Investment.