Luxembourg-based Corestate Capital has acquired a micro-apartment asset with 179 units in Hamburg, Germany for €64 mln from Jargonnant Partners.
The property was purchased for a real estate umbrella fund, which was launched on Universal-Investment's Luxembourg alternative investment fund (AIF) platform on behalf of Bayerische Versorgungskammer (BVK).
'This second prompt acquisition for the jointly launched fund with BVK proves our ability to precisely assess the market and successfully implement the fund’s approach,' commented Thomas Landschreiber, CIO, Corestate.
The 14,800 m2 high-rise property, called Grindelhochhaus, is located in the district of Hamburg-Harvestehude and comprises 179 units, twelve offices, eight storage and six commercial units.
