Corestate Capital Holding 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. €48m. The “Bootshafen” 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 a total leasable space of approx. 8,850m², along with 44 parking spaces and a further 450m² of leasable commercial space. Completion is expected in late 2020 or early 2021. The scheme 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.
“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,” said Thomas Landschreiber, co-founder and Chief Investment Officer at Corestate.
