Corestate, a fully integrated investment manager and co-investor based in Luxembourg, has received a managed account mandate for the development of a micro-apartment project in Munich, Germany. The mandate was given by W5 Group, the family office of Ralph Winter, founder of Corestate. Upon completion of the project in summer 2018, the asset will comprise 55 fully furnished and self-contained serviced apartment units. The land plot is located near Ostbahnhof and in the direct vicinity of various business parks, such as Siemens Campus and Werksviertel München.
The asset will be operated by MicroLiving Service, a property management company founded by Corestate. The company focusses on the asset class of micro-apartments and currently manages 4,200 units in Austria, Germany and Spain. In addition to providing property and facility management services, MicroLiving also implements marketing activities for every single asset and offers consulting services for companies in the micro-living segment.
Thomas Landschreiber, Chief Investment Officer of Corestate: “Managed accounts will play a much bigger role in Corestate’s future: we will offer much more individual strategies for selected assets or portfolios. The European market for micro-apartments has gained significant momentum over the past few years, due to the increase in demand. The focus has shifted and does not only lie on students as a target group anymore; business travelers and young professionals are also seeking micro-apartments that offer a certain service level.”
