European real estate fund manager Corestate has entered the Scandinavian market for the first time, aquiring a serviced-apartment complex in Copenhagen.
The asset will be operated by Corestate’s serviced-apartment brand JOYN and will form part of its micro-living platform, which now has more than 30,000 student-housing and serviced-apartment beds in Europe.
To date, Corestate has established micro-living operations in Germany, Austria, Switzerland, Spain, UK and Poland.
CEO Lars Schnidrig said: “We consistently continue to roll out our micro-living offerings for our clients into further European countries.
”Denmark offers very attractive conditions, and a dynamic market for business travellers and young mobile professionals.
“This is exactly what our clients are eagerly searching for and what we can offer: assets in locations with a highly flexible work force accompanied by a solid economic background.”
The asset was acquired via a forward purchase agreement with local developer NPV.
It is part of the urban development project Enghave Brygge South in Copenhagen and once completed will comprise of 248 apartments, a gym, a restaurant, and a co-working area.