Corestate Capital Holding has expanded its micro-living offering with the acquisition of a UK student accommodation management firm.
The €22bn European real estate manager said it has bought CRM Students from its founder Keith White and a group of private investors for €17m.
The acquisition of CRM -which offers 23,000 beds in 145 locations - increases Corestate’smanaged assets by €3bn. Following the acquisition, the number of beds in Corestate’s micro-living segment will increase to more than 30,000
Michael Bütter, the CEO of Corestate said: “We are aiming to become Europe’s leading provider for micro-living and student accommodation, a market that is growing dynamically. We are already holding the top position in Germany. By acquiring CRM, we are bringing a prominent international partner on board.”
Bütter said CRM will become part of Corestate’s multi-boutique platform, granting it market entry in the UK.
“Furthermore, the comprehensive expertise in international student accommodation operations will open up additional synergies. Through CRM’s project pipeline, we will gain access to additional investment opportunities in interesting European university cities. By using these opportunities, we want to continue our growth.”