“CORESTATE works customer-oriented at all times and understand our needs as an institutional investor. The cooperation is always trustful and goal-oriented.”
CORESTATE has bought a former office complex in Munich, Germany. Built at the beginning of the 1980s, the asset was recently refurbished to house 260 serviced apartments. The building offers 8,300 sq.m. of rental space, which apart from the flats includes common rooms, a fitness studio as well as a 1,800 sq.m. training and conference centre with a flexible floor plan.
CORESTATE plans to invest a total of EUR 2.4bn in its micro-living segment until the end of 2019. CORESTATE already acquired 26 plots for development and properties with more than 7,600 apartments for students, commuters, project employees, entrepreneurs and young professionals. The current investment volume amounts to EUR 1.8bn.
CORESTATE posted a strong first quarter of 2018 following its dynamic performance in 2017. For the first three months, aggregate revenues totalled EUR 61.9m, adjusted EBITDA was EUR 38.8m and adjusted net profit was EUR 34.7m. Assets under management were approximately EUR 22bn at the end of March.