Corestate awarded management of EUR 110m portfolio

Swiss investor Corestate has announced that it has been awarded the asset management mandate for a EUR 110 mln residential portfolio in Germany.

The mandate for the 140,000 m² of residential space was awarded by German property group Westfälische Grundbesitz und Finanzverwaltung (WGF) for an initial period of five years. The portfolio is spread across more than 50 locations throughout Germany, mainly in the states of Hesse and North Rhine-Westphalia.

Corestate said one of its focuses is the continuous rollback of portfolio vacancies, combined with efforts to enhance tenant loyalty. 'High-end portfolio administration and management are part of our core competence. This will generate substantial future appreciation potential for the owner,' said Thomas Landschreiber, director of Corestate Capital.