Corestate Capital Holding S.A. ("CORESTATE"), a fully integrated real estate investment manager and co-investor, sells its German student housing portfolio 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 four assets are located in Bayreuth, Frankfurt am Main, Mainz and Potsdam. The portfolio consists of 1,247 units and has a combined lettable area of 26.140m² plus 317 underground and surface parking spots. The overall occupancy rate currently lies at 98% across all assets; the aggregated annual net rental income is approximately €5.3m.
Thomas Landschreiber, CIO of CORESTATE: "CORESTATE will remain responsible for the asset and property management of the student housing properties. We continue to believe in this asset class and will extend the product line by further developing micro living concepts."
