CORESTATE structures special fund for serviced apartments in major European cities – Target volume of at least EUR 200 million
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated real estate investment manager and co-investor based in Luxembourg, is structuring a serviced apartment fund with a target volume of at least EUR 200 million. Structured for a large German insurance company, the individual fund focuses primarily on fully equipped and furnished studio and one-bedroom apartments in central locations of major German and European cities such as Vienna, Austria.
As the first asset of the individual fund, CORESTATE has invested in one of three residential towers of a new construction project, TRIIIPLE in Vienna. By 2020, the developer will build 670 serviced apartments for young professionals and commuters, along with office and retail space. Besides handling the investment and asset management, CORESTATE will also be responsible for the property management of the buildings through a subsidiary, UPARTMENTS Real Estate GmbH.
Thomas Landschreiber, CIO and co-founder of CORESTATE, said: “Thanks to the substantial growth of our network, we now benefit from a large pipeline of sound real estate offers. The demand of institutional investors for our individual investment vehicles continues to increase. We are expecting additional mandates until the end of the year.”