Corestate, a fully integrated real estate investment manager and co-investor, has acquired a re-development asset in Madrid, Spain to realize a student home project. The current planning phase envisages a total lettable area of 4,022m² featuring 260 rooms with 302 beds.
The asset, which was operated as a student residence for 44 years, is located in the ‘Ciudad Universitaria’ neighborhood, a residential enclave which is home to nine universities with over 120,000 students. Corestate plans to deconstruct the existing complex and develop a new building in order to create one of Madrid's best equipped student homes. The project will offer various amenities such as a lobby with reception and concierge, common spaces with a restaurant, gym and washing lounges, as well as recreational areas such as backyard, roof terraces and patios.
"Madrid is a very attractive destination for national and international students alike as numerous public and private universities offer a great variety of graduate and undergraduate studies. Due to the high demand for living space and the extreme privileged location of the asset, we strongly believe that this project will be well accepted by its tenants", comments Thomas Landschreiber, Chief Investment Officer of Corestate.
