Investment manager Corestate Capital Holding has bought 257 new apartments in Berlin and Dresden from developers Belle Époque and Revitalis Real Estate respectively.
The exact price was not revealed, but the deal volume is in the two-digit million euro range.
'Due to our good market network, we were able to secure two attractive long-term investment opportunities with these two projects for our investors in the Corestate Residential Germany Fund II,' said Thomas Landschreiber, Corestate's CIO.
Corestate bought the Alfred & Charlotte project in Berlin's Lichtenberg district from developer Belle Époque. Upon planned completion in the fourth quarter of 2019, the five-storey residential and commercial building will offer 120 flats with 6,140 m2 of lettable space as well as 1,160 m2 of retail space, an office or medical practice unit and a kindergarten.
In Dresden, Corestate bought an inner city project, located between the Zwinger castle, the Semper Opera and the iconic Frauenkirche church. The seller is investor and project developer Revitalis Real Estate, which is creating a new urban living quarter directly on the central Altmarkt square. The part taken over by Corestate includes 137 flats with 8,700 m2 of space as well as 190 m2 of retail space. Completion of the eight-storey building is planned for mid-2020.
Corestate's open-ended Special AIF is aimed at institutional investors in the German-speaking region and has a target investment volume of at least €300 mln. The Corestate Residential Germany Fund II is focused on new residential buildings in metropolitan regions and prosperous cities across Germany.
The fund targets a regular distribution of at least 4% p.a. Hannover Leasing Investment GmbH is acting as the fund administrator (KVG).
