Corestate, a fully integrated investment manager and co-investor based in Luxembourg, acquires a micro living project in Vienna, Austria, from UBM Development in a “Forward Funding” deal structure. The purchase price was undisclosed.
Completed in spring 2019, the project will feature 131 fully furnished micro apartments and offer extensive services. The plot is located in the new district “Quartier Belvedere Central”, an urban development concept of office, residential and hotel properties in the direct vicinity of Vienna’s main station. UPARTMENTS Real Estate, a Corestate subsidiary, will be responsible for the management of the project.
This is the third project Corestate realizes in Austria’s capital. In autumn 2015, Corestate opened the development project “Linked Living”, which was the largest housing estate for students in Vienna with 589 fully furnished micro-apartments. For a recently launched serviced apartment fund with a target volume of at least €200m, Corestate has invested in one of three residential towers of the new construction project “TRIIIPLE”.
Thomas Landschreiber, Chief Investment Officer of Corestate: “We continue to focus on the mega trend urbanization. We were early movers in the area of student housing in Germany and we are today the most active market player when it comes to investments in the asset class of micro living. Our projects in Austria show a high demand from international investors. An expansion into European markets was not planned so far, but we will definitely begin to do so. Already today we have a promising pipeline in these markets.”