Corestate Capital Holding has acquired the micro-living asset “WOODIE”, which includes 371 student housing units, in Hamburg, Germany. This asset was purchased for the real estate umbrella fund, which was launched on the Luxembourg AIF-Platform of Universal-Investment on behalf of Bayerische Versorgungskammer (BVK).
The student residence was completed in autumn 2017 and comprises a total rental area of 7.700 m² - spread over 371 apartments, two shared utility rooms and two commercial units.
The asset, a seven-storey hybrid building constructed of reinforced concrete and wood, is located in Hamburg Wilhelmsburg, a new urban quarter on the Elbinsel island south of the city centre. The 20 m² apartments are completely made of wood. Due to the flexible floor plan, the building can easily be used for alternative purposes.
Thomas Landschreiber, CIO of Corestate: „WOODIE is already the 12th asset we have acquired for our BVK fund. Taking over long-term management of the attractive properties in the vehicle strengthens our business model and raises our profile as a manager to investors.”
UPARTMENTS Real Estate GmbH, a Corestate subsidiary, will be responsible for the property management.