Corestate Capital is investing over €300m in a forward fund deal to buy a mixed-use asset in Germany for pension fund Bayerische Versorgungskammer (BVK).
Corestate said it has bought The Q, the main part of the Trophy city quarter development in Nuremberg from Gerchgroup.
Lars Schnidrig, CEO of Corestate Capital, said: “This urban district development is currently one of the largest in Germany and is a good example of new types of use of city building sites in top locations in combination with the increasing demand for innovative mixed-use concepts for housing, infrastructure and commerce on the customer side.
“Here we develop sustainable and profitable investment solutions for our institutional clients on the basis of our excellent product access to large real estate projects in A-cities and our very broad experience in active asset management.”
Marc K Thiel, CEO of the Gerchgroup, said: “A sale of this magnitude in these turbulent times is proof that quality always prevails in the end and we are very pleased that we have succeeded in selling the first construction phase of this quarter development despite the circumstances.
“The other building plots of the overall project with nearly 200,000sqm of gross floor area that are mainly being developed for residential use, are also to be sold upon completion.”
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