Corestate Capital has acquired 1,700 newly built micro-apartments on behalf of German pension giant Bayerische Versorgungskammer (BVK). The combined asset value after completion will be €670 mln.
The transaction was a forward-funding deal for the real estate umbrella fund set up for BVK on the Luxembourg-based AIF platform of Universal-Investment. The projects' seller and developer is CG Gruppe.
Corestate and Universal have worked for BVK on big real estate investments in recent years. Corestate teamed up with BVK in October 2016 to launch a €500 mln European fund targeting micro-apartments.
'Corestate has built a superior deal sourcing network over many years. Thanks to that we benefit from an excellent access to great product. Although the markets are flooded with capital and investors are looking for the right product, we are facing the New Year 2018 with strong confidence due to our current asset pipeline of over €5 bn,' said Thomas Landschreiber, chief investment officer at Corestate.
Properties
The apartments are spread across five high-rise properties in Dresden, Dusseldorf, Frankfurt/Offenbach, Cologne and Leipzig.
The asset in Dresden will comprise 191 residential units with a total floor space of 11,100 m2, 262 parking spots and 3,300 m2 of commercial space, as well as a restaurant and a bistro.
In Düsseldorf, a multi-story building of 423 residential units with a total floor space of 22,600 m2 and close to 1,000 m2 of commercial space is being constructed by 2021. Featuring a Sky lounge, a wellness area and a gym as well as underground parking for electric cars, the property at Kaiserlei right on the city limits of Offenbach and Frankfurt/Main will comprise 632 apartments with a combined living space of 31,500 sqm and 6,200 m2 of commercial space.
A project with a total floor space of 20,700 m2is being developed in Cologne; close to half of the space will be dedicated to 200 residential units, with 11,600 m2 being updated for tenants such as Deutsche Post, Deutsche Bahn Service and others.
Situated close to downtown Leipzig, an asset featuring 296 apartments with 16,000 m2 of combined floor space is being developed. The new upscale residential building, which also includes 4,300 m2 of commercial space for offices and restaurants, is located in the close vicinity of the Graphisches Viertel neighbourhood and the university hospital.
