Investment manager Corestate Capital is to invest €25 mln in developing new student housing in Salamanca, Spain.
Located near the campus of the University of Salamanca and the old town centre, the property will comprise 4,000 m2, with 258 modern furnished apartments with 301 beds.
Corestate has purchased the land and will commence development, with completion slated for Q3 of 2022. The project is part of the company’s strategy for micro-living in Spain, with the purchase of three more properties in Spain currently in advanced stages, it announced.
The property will be operated by Corestate’s micro-living brand, Youniq.
Salamanca has a shortage of student accommodation, wiith 30,000 students but only 3,000 dormitory places, the company said.
Lars Schnidrig, CEO of Corestate said: ‘We want to become the leading provider of micro living in Europe. Spain is an important core market for this growth strategy. We already operate a property in Madrid, an opening will take place in Seville at the beginning of 2020 and another building in Valencia is in the development phase.’
