Luxembourg-based investor Corestate Capital has created a special fund for serviced apartments in European cities with a target volume of at least €200 mln, on behalf of a German insurance company.
The fund will focus primarily on apartment houses with fully equipped and furnished one to two-room apartments in central locations in German and European metropolises such as Vienna.
'Thanks to our strong network, we are benefiting from a large pipeline of solid property offerings, and the demand of institutional investors for our individual investment vehicles continues to grow,' commented Thomas Landschreiber, CIO and co-founder Corestate.
The fund is commencing with an investment in one of the three residential housing towers in the 'Triiiple' project in Vienna. Due for completion in 2020, the scheme will comprise 670 serviced apartments for young professionals and commuters, as well as office and commercial space.
As well as investment and asset management for the fund, Corestate will also take on property management of the properties through its subsidiary Upartments Real Estate.
Corestate Capital Holding currently has around €20 bn assets under management.
