Corestate buys five housing projects worth EUR670m for BVK
Corestate Capital Holding is buying five housing development projects worth EUR670m for Germany’s largest pension fund Bayerische Versorgungskammer (BVK).
The five properties were acquired, from the projects’ seller and developer CG Gruppe AG, by way of a forward deal for the real estate umbrella fund set up for BVK on the AIF platform, Corestate said.
In October 2016, BVK has hired Corestate to invest €500m in European micro-apartments.
Corestate, the Luxembourg-based real estate investment manager said the projects are made up of over 1,700 newly built micro-apartments.
The high-rise buildings are located in Dresden, Dusseldorf, Frankfurt/Offenbach, Cologne and Leipzig.
The asset in Dresden will comprise 191 residential units with a total floor space of 11,100sqm, 262 parking spots and 3,300sqm of commercial space, as well as a restaurant and a bistro.
In Düsseldorf, a multi-story building of 423 residential units with a total floor space of 22,600sqm and close to 1,000 sqm of commercial space is being constructed by 2021.
Corestate said the property at Kaiserlei will comprise 632 apartments with a combined living space of 31,500sqm and around 6,200sqm of commercial space.
A project with a total floor space of 20,700sqm is being developed in Cologne; close to half of the space will be dedicated to 200 residential units, with around 11,600 sqm being updated for tenants.
The asset in Leipzig features 296 apartments with 16,000sqm of combined floor space is being developed.
Thomas Landschreiber, the chief information officer of Corestate said: “Although the markets are flooded with capital and investors are looking for the right product, we are facing the New Year 2018 with strong confidence due to our current asset pipeline of over EUR5bn.”