Corestate Capital has sold Austria's largest student housing asset to a fund vehicle launched via the platform of Universal-Investment on behalf of German pension fund BVK as part of the new real estate umbrella funds platform.
Financial details were not disclosed. The institutional fund vehicle focuses primarily on micro apartments, especially in student housing properties in European university towns.
The asset, which has an occupancy rate of 98%, is located in Vienna in the direct vicinity of the Vienna University of Economics and Business campus. The newly built asset features 589 units, a lettable area of 17,718 m2 plus 57 underground parking spots. The annual net rental income is approximately €4 mln. One year after opening, the occupancy rate lies at 98%.
Commenting on the sale, Thomas Landschreiber, CIO of Corestate, said the asset is considered to be the largest student housing project in Austria. 'Vienna's dynamic residential market provides the perfect environment for our investment and for our business model in the segment of micro apartments.'
