Corestate acquires BVK resi development portfolio for €670m (DE)

Corestate acquires BVK resi development portfolio for €670m (DE)

Corestate Capital Holding has acquired five project developments comprising a total of over 1,700 newly built micro-apartments in Germany. The five properties were acquired by way of a forward deal for the real estate umbrella fund set up for Bayerische Versorgungskammer (BVK) on the Luxembourg-based AIF platform of Universal-Investment. The combined asset value after completion will be €670m. The projects’ seller and the developer is CG Gruppe AG.


The high-rise buildings are located in Dresden, Dusseldorf, Frankfurt/Offenbach, Cologne and Leipzig, respectively.


The asset in Dresden will comprise 191 residential units with a total floor space of c. 11,100 m², 262 parking spots and 3,300 m² of commercial space, as well as a restaurant and a bistro.


A multi-story building of 423 residential units with a total floor space of 22,600 m² and close to 1,000 m² of commercial space in Düsseldorf is expected to be completed by 2021.


The property at Kaiserlei, located right on the city limits of Offenbach and Frankfurt/Main, and featuring a Skylounge, a wellness area and a gym, as well as underground parking for electric cars, will comprise 632 apartments with a combined living space of 31,500 m² and c. 6,200 m² of commercial space.


A project with a total floor space of c. 20,700 m² is being developed in Cologne; close to half of the space will be dedicated to 200 residential units, with c. 11,600 m² being updated for tenants such as Deutsche Post, Deutsche Bahn Service and others.


An asset featuring 296 apartments with c. 16,000 m² of combined floor space is being developed in Leipzig. The new upscale residential building, which also includes 4,300 m² of commercial space for offices and restaurants, is located in the close vicinity of the Graphisches Viertel neighbourhood and the university hospital.


Thomas Landschreiber, CIO of Corestate, commented: „Corestate has built a superior deal sourcing network over many years. Thanks to that we benefit from an excellent access to a great product. Although the markets are flooded with capital and investors are looking for the right product, we are facing the New Year 2018 with strong confidence due to our current asset pipeline of over €5bn."

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