Corestate has bought the student residence “Reserl” in Munich from developer STRABAG Real Estate GmbH. The property will become part of the real estate umbrella fund launched on the Luxembourg AIF platform by Universal-Investment on behalf of German pension fund Bayerische Versorgungskammer (BVK).
The property offers close to 6,300 m² of residential space. Apart from 271 student apartments, it also includes an organic supermarket and a gastronomy unit with a combined space of 785 m². The student apartments were opened in autumn last year. The project was fully completed in February 2018.
Reserl is located in a close proximity to the underground station Brudermühlstrasse in Munich’s Sendling district. Both the inner city as well as the Ludwig-Maximilians-University are 15 minutes away.
Thomas Landschreiber, CIO of Corestate: “A possible alternative use and the flexible design was already incorporated during the conception phase of the building. The apartments can be partitioned and individually billed and can thus easily be privatised. With its experience in student and micro-living, Corestate is able to tackle and implement these kinds of new concepts.”
"With the transaction, we benefited from the current state of Munich housing market and the central location of the property as well as from the development of a modern living concept", said Rainer M. Schäfer, managing director of STRABAG Real Estate.
