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CORESTATE acquires Kiel residential project in prime harbour location for fully placed special AIF
CORESTATE Capital Holding S.A. (CORESTATE) has completed the acquisition of the “Bootshafen” residential project in a prime harbourside location in Kiel, Germany, for its open-ended special AIF “Corestate Residential Germany Fund II”. The total investment amount under the forward deal is approx. EUR 48 million.
CORESTATE acquires Kiel residential project in prime harbour location for fully placed special AIF
Frankfurt, 30 January 2019 – CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, has completed the acquisition of the “Bootshafen” residential project in a prime harbourside location in Kiel, Germany, for its open-ended special AIF “Corestate Residential Germany Fund II”. The total investment amount under the forward deal is approx. EUR 48 million.
“We are extremely pleased that we have been able to seize this investment opportunity in the heart of Kiel, and the outstanding return potential which it brings, for our clients. This has been made possible, once again, thanks to our superb network of contacts. We have already made allocations for additional high-end property acquisitions so that we will be able to fully invest the equity capital which we have already raised, while at the same time driving forward with subscriptions for the successor fund,” says Thomas Landschreiber, co-founder and Chief Investment Officer at CORESTATE.
The “Bootshafen” (“boat harbour”) project is located in a prime location at Kiel’s historic Old Town, with not only the famous harbour but also Kiel’s main shopping street and several public gardens located within close walking distance. Plans for a newly created connecting waterway will ensure that residents will be able to enjoy an unobstructed view directly over the water, make the property even more attractive not only for tenants but also for investors, by further boosting future yields on the property. The project includes 114 residential units with total leasable space of approx. 8,850 sq.m., along with 44 parking spaces and a further 450 sq.m. of leasable commercial space. Completion is expected in late 2020 or early 2021.
The Bootshafen project marks the third acquisition for CORESTATE Residential Germany Fund II, which focuses on new residential construction in major metropolitan areas and other thriving cities throughout Germany. Through this investment, clients of CORESTATE will be able to participate from an early stage in the growing demand for high-quality residential space in a region of Germany which has been enjoying economic growth above the national average. The fund’s portfolio already includes a total of 257 newly constructed residential units in the Lichtenberg district of Berlin and in Dresden’s Old Town. The fund, which has a target size of EUR 300 million and is already fully placed, seeks to generate ongoing distributions of at least 4 % p.a.
IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com
PR Contact
Andre Zahlten
T: +49 69 3535630-108 / M: +49 174 4022348
andre.zahlten@corestate-capital.com
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 25bn 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 over 730 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.
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.