European real estate investment manager Corestate Capital has acquired a harbourside residential scheme in Kiel, Germany for €48m.
The Bootshafen project, in Kiel's old town, has been purchased for the open-ended special alternative investment fund Corestate Residential Germany Fund II.
'We are extremely pleased that we have been able to seize this investment opportunity in the heart of Kiel, and the outstanding return potential which it brings, for our clients,' said Thomas Landschreiber, co-founder and chief investment officer at Corestate.
The project includes 114 residential units with total leasable space of approx. 8,850 m2, along with 44 parking spaces and a further 450 m2 of leasable commercial space. Completion is expected in late 2020 or early 2021.
The deal marks the third acquisition for the fund, which focuses on new residential construction in Germany's major metropolitan areas. The fund’s portfolio already includes a total of 257 newly constructed residential units in the Lichtenberg district of Berlin and in Dresden’s old town. It has a target size of €300 mln and is already fully placed.
