Corestate Capital Holding has bought 257 new apartments in Berlin and Dresden for its Special AIF CORESTATE Residential Germany Fund II. The total transaction volume is in the two-digit million euro range.
The company purchased the Alfred & Charlotte project in Berlin’s Lichtenberg district from developer Belle Époque. Upon planned completion in the fourth quarter of 2019, the five-storey residential and commercial building will offer 120 flats with 6,140 m² of lettable space as well as 1,160 m² of retail space, an office or medical practice unit and a kindergarten.
In Dresden, Corestate bought an inner city project, located between the Zwinger castle, the Semper Opera and the iconic Frauenkirche church. The seller is investor and project developer Revitalis Real Estate, which is creating a new urban living quarter directly on the central Altmarkt square. The project includes 137 flats with 8,700 m² of space as well as 190 m² of retail space. Completion of the eight-storey building is planned for mid-2020.
Thomas Landschreiber, Chief Investment Officer, Corestate: “Due to our good market network, we were able to secure two attractive long-term investment opportunities with these two projects for our investors in the Corestate Residential Germany Fund II.”