DGAP-News: CORESTATE further boosts leading position in micro living with purchase of Berlin apartment building for BVK fund

• Another Core asset for BVK micro living institutional fund
• Clients benefit from market-leading real estate investment platform
• Prime property location in the heart of Berlin
   
  Frankfurt, 5 June 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent European real estate investment manager, and Universal-Investment have completed the acquisition of a micro living apartment building in Berlin for the "BVK Residential Europe Immobilienfonds Corestate" real estate fund. This institutional fund ("Spezialfonds") - jointly founded in October 2016 by Bayerische Versorgungskammer (BVK), one of Germany's largest institutional investors, together with CORESTATE and based on the platform of Universal-Investment as the Capital Management Company - invests primarily in micro apartments, including especially modern student accommodations in European university cities. Driven by strong demand, the fund's target size has already been raised to around EUR 1.2 billion. Under the terms of the transaction, the purchase price has not been announced.
   
  Thomas Landschreiber, Co-Founder and Chief Investment Officer of CORESTATE: "This micro living property acquisition demonstrates once again that we are consistently able to seek out suitable investment opportunities in the best locations and to react to the needs of our clients with sustainability-based solutions tailored to specific investor requirements. Having established ourselves many years ago as one of the pioneering providers in the growth market micro living, we are today able to offer a unique platform for this asset class that allows us to create solutions for our clients with good long-term returns."
   
  The micro apartment complex with a plot size of approx. 2,100 sq.m., is being built and furnished to high standards, with 183 apartments providing total rentable space of 4,200 sq.m. The property will also include attractive communal spaces, as well as ample bicycle parking and storage boxes. Thanks to its prime location in the "Berlin-Mitte" borough, close to local train station "Jannowitzbrücke" and Underground train station "Heinrich-Heine-Strasse", residents can bicycle to nearby locations such as Humboldt University and Alexanderplatz in just a few minutes.
   
  Completion of property construction is scheduled for the beginning of September 2019. A team from Jones Lang LaSalle (JLL) advised CORESTATE on the property acquisition.
   
   

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