DGAP-News: CORESTATE's Micro Living Portfolio grows - 163 new micro apartments to be built in Cologne

CORESTATE's Micro Living Portfolio grows - 163 new micro apartments to be built in Cologne
 

• Total investment volume of approx. EUR 60 million
• Target portfolio: BVK-Residential Europe real estate fund
• Located close to the university and fair grounds in Cologne-Deutz and connection to the inner city
• Excellent energy certification as a "KfW Efficiency House 40 Plus"
• Operation from 2022 on under the Linked Living brand
   

Frankfurt, 28 August 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has acquired a micro apartment complex in Cologne-Deutz for the special BVK-Residential Europe real estate fund of Bayerische Versorgungskammer (BVK). BVK is one of the largest institutional investors in Germany. The core property under development has a total investment volume of approx. EUR 60 million.
 
Philipp Rohweder, Director Investments at CORESTATE: "Ten years ago, we were one of the first to discover the potential of this now independent asset class Micro-Living in Germany and have been actively involved in shaping this growth market ever since. Today, our clients benefit from our many years of expertise in this segment over the entire value creation cycle of their real estate."
 
The project was developed by Objektgesellschaft Gummersbacher Straße, led by Peter Schmitz, in cooperation with karzelwillkarzel architects, Cologne acting as general planner.
 
By 2021, 163 furnished student apartments with a total of 220 beds and 6,112 m² of living space will be finished in the first construction phase. In addition, there will be common rooms, parking spaces for cars and bicycles. In the second construction phase, an additional 13 unfurnished apartments with slightly more than 1,000 m² of living space and a day-care center for children with around 800 m² of usable space is planned.
 
The residential complex is located in the immediate neighborhood of the Technical University and has excellent transport infrastructure via public transit and long-distance traffic. The exhibition grounds and Cologne city center are just a few minutes away. One of the special features of the apartment building is its photovoltaic system, which meets the high requirements for the "KfW Efficiency House 40 Plus" standard. The selling process was managed by Catella.
 
The Corestate brand "Linked Living," which offers high-quality, furnished student and business apartments under one roof in prime locations in Germany and Austria, is the operator of the property. Besides properties in Hamburg and Vienna, another Linked Living location will soon be opened in Berlin.
 
 
PR Contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
[email protected]
 
IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
[email protected]
 
 
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approx. EUR 26 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs total staff of around 700 and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further information may be found at www.corestate-capital.com.
 
About Bayerische Versorgungskammer:
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany's largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions' and communal pension schemes. Bayerische Versorgungskammer covers about 2.3 million insured persons in total, with contributions of EUR 4.8 billion and EUR 3.4 billion pension payments annually. It currently has EUR 77 billion assets under management and 1,315 employees.
 
About Objektgesellschaft Gummersbacher Straße GmbH
The Objektgesellschaft develops, plans and realizes real estate projects in the Rhine Area. Focus are primarily on residential and retail. Relevant locations are identified, acquired, developed and sold.
 
About karzelwillkarzel architects
karzelwillkarzel architects Part gmbB is a founders-managed, mid-sized architect firm with offices in Cologne and Bornheim, focusing on education and residential buildings and working in all service phases. When it comes to larger projects, karzelwillkarzel as general planner acts with a rehearsed team of specialized planners out of Cologne region.
 
 
Forward-looking statements
This press release may contain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at ir.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.