Corestate acquires 413-unit student housing project in Sevilla (ES)

Corestate acquires 413-unit student housing project in Sevilla (ES)

Corestate Capital Holding has acquired a 413-unit student housing project in Sevilla, Spain for an undisclosed amount. Construction of the project started in June 2018 after the company had secured a €19.8m loan on a 5-year basis from a debt fund advised by LaSalle Investment Management.

 

The student residence in Sevilla will provide over 11,500m² of GLA after its planned opening in the first quarter of 2020. A few minutes’ walk from the city centre, it is located on the EUSA Campus which is part of the Universidad de Sevilla. The university is the largest in Spain with over 60,000 students. Overall, the Andalusian capital is home to more than 75,000 students, which represents 16% of Spain’s total student population. The student residence will be operated by YOUNIQ, which is part of the Corestate Group.

 

Thomas Landschreiber, Co-founder and Chief Investment Officer, Corestate: “Spain is an important target market for the strategy. The country has seen rising student numbers, particularly international ones. This is boosted, among other things, by low tuition fees in comparison to other European countries as well as the rising amount of English-language courses offered by the universities. Entering the Spanish market is another step forward in the process of internationalizing our group efforts.”

 

Matthias Heimann, Executive Director Debt Finance, Corestate: “Our heightened engagement in the Spanish student housing market helped us secure attractive financing conditions for the project.”

 

Corestate’s first project in Madrid with 260 student apartments is close to completion and scheduled to open in September. Two further student housing projects are planned in Valencia and Bilbao.

 

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