Investment manager Corestate Capital Holding has announced the sale of two major development projects in Vienna to unnamed buyer.
In a statement, Corestate said that the projects - Triiiple and Danube Flats - represented a total investment volume of €432 mln.
Corestate bought the Danube Flats high-rise project in 2015 in joint venture with Austrian developer and investment firm Soravia Group. At a height of 150 metres, the 463-apartment project will become the tallest residential tower in Europe's German-speaking countries.
Triiiple is located in the heart of the popular third district near the Danube Canal and the Prater. The skyscraper trio will comprise a total of 47 apartments on completion in 2020. Corestate bought it in August this year from Soravia and Are Development on behalf of a new special fund for serviced apartments in European cities, launched on behalf of a German insurance company.
'The exit from the club deal came earlier than expected and resulted in a very attractive return for our investors,' said Thomas Landschreiber, Chief Investment Officer of Corestate. 'We can truly say that our club deal investors are among Corestate's most loyal and devoted clients, and we will increase our club deal activities in order to offer even more interesting investment cases.'
Corestate Capital Holding manages around €22 bn of assets. Headquartered in Luxembourg, it has 41 offices including Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 530 people and is listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
