Corestate plans EUR 80m student hall in Vienna

Swiss real estate investor Corestate has acquired a land plot in Vienna for a 25,000 m2, student housing-led development. The project will deliver 500 residential units in a scheme with an anticipated market value of EUR 80 mln.

The completed development will feature 1,000 m² of retail and communal social space. The concept also includes incubator space to provide low-cost office accommodation for start-up businesses from the Vienna University of Economics and Business (WU).

The asset will be operated by student accommodation specialist Youniq, which owns, develops and operates around 3,500 student apartments in Germany across 13 locations.

Corestate founder and chairman Ralph Winter said: 'This project illustrates our appetite for unique investment situations across Europe.'

'Vienna, with a student population of over 170,000, roughly 10% of its overall populace, and the WU with more than 25,000 enrolled students, generates a vast demand for student living space which cannot be met by public organisations and the residential market alone.'

The property is part of the Messecarree urban development project (PICTURED) and is located near the new campus of the Vienna University of Economics and Business, the Austria Center Vienna, the convention centre, and the leisure and amusement park Prater.

Corestate is based in Zug, Switzerland, with partner offices in Frankfurt, Essen, London and Luxembourg. The business has invested EUR 2 bn in the real estate market both through direct and indirect transactions

Go to http://www.cityleaders.info/cities/vienna/overview/ or click on the link below to read more about real estate development in Vienna on PropertyEU and MIPIM's CityLeaders website.