Corestate has acquired a plot of land in Berlin, Germany, for a student accommodation development. The plot is located in Berlins central district Mitte.
Corestate plans to develop a high quality student housing scheme comprising more than 160 residential units on seven floors. The development will feature numerous communal social spaces as well as ample public areas allowing residents to enjoy the community feel that the project intends to create. The scheme will be well served by amenities including approx. 600m² of retail space to satisfy residents’ needs. Another highlight of the project will be sophisticated architecture and roof top terraces that offer a great view onto nearby parks.
Thomas Landschreiber, chief investment officer of Corestate commented: "This asset class represents an attractive investment opportunity for investors, as the demand for student living space runs independently of economic conditions. Increasing numbers of students generate a vast demand for student living space which cannot be met by public organisations and the residential market alone. This demand in combination with an intelligent usage concept convinces our investors."
Earlier this year Corestate opened Austria’s largest residential complex for students and young professionals in Vienna. The building features 589 fully furnished micro apartments, numerous community spaces including learning, TV and laundry lounges as well as a generous rooftop deck that offers a panoramic view of Vienna.
