Corestate Capital AG has acquired 1.640 residential units with a volume of 58 million in Germany.
The acquisitions are split into 6 portfolios in Frankfurt/Main, Hanover, Leipzig and Erfurt. The net yield of the portfolios ranges between 8.5% and 9.5%. The vacancy rate is at 10%.
The current valuation of the acquired portfolio (NAV) is approximately 21% above the actual purchase price, including all ancillary costs. The acquisitions are financed through the investments of the Coreestate German Residential, a fund managed by Corestate Capital in Zurich, with a planned volume of 2.5 bn.
Source: Corestate Capital
