Corestate Capital Holding S.A. ("Corestate"), a fully integrated real estate investment manager and co-investor, sells Austria's largest student housing asset to a fund vehicle launched on the fund platform of Universal-Investment on behalf of Bayerische Versorgungskammer as part of the new real estate umbrella funds platform. The institutional fund primarily focusses on micro apartments, especially in student housing properties in European university towns.
The asset is located in Vienna, Austria, in direct vicinity of the Vienna University of Economics and Business campus. The newly built asset features 589 units, a lettable area of 17.718m² plus 57 underground parking spots. The annual net rental income is approximately €4m. One year after opening, the occupancy rate lies at 98%.
Thomas Landschreiber, CIO of Corestate: "With close to 600 apartments on 11 floors, this asset is considered the largest student housing project in Austria. Vienna's dynamic residential market provides the perfect environment for our investment and for our business model in the segment of micro apartments."
