Corestate launches German open-ended residential fund
Corestate Capital Holding has raised €70m from a German pension fund for a German residential fund.
The Luxembourg-based investment manager plans to raise further capital to create a €300m open-ended vehicle.
Corestate Residential Germany Fund II will focus on newly built housing in metropolitan areas and prospering cities throughout Germany, seeking to generate an annual return of 4%.
Hannover Leasing Investment has been hired to manage investments.
Thomas Landschreiber, CIO and co-founder of Corestate, said: “The increase in demand from institutional investors since Corestate’s listing in autumn 2016 is remarkable.
“Due to our strong network and asset sourcing capabilities we have top quality assets worth several billion euros in our pipeline, which secures us an excellent advantage over our competitors.”