Corestate buys five housing projects in Germany for €670m

Corestate Capital Holding SA has acquired five project developments with a total of more than 1,700 new micro-apartments in Germany for €670 million ($807 million). The seller and developer is CG Gruppe AG.

The five properties were acquired by way of a forward deal for the Real Estate Umbrella Fund, which was launched for the Bayerische Versorgungskammer (BVK) on the Luxembourg AIF platform of Universal-Investment.

The high-rise buildings are located in Dresden, Dusseldorf, Frankfurt/Offenbach, Cologne and Leipzig.

In Dresden, the new development is located opposite the Zwinger and includes 191 apartments with a total of approximately 119,000 square feet of living space, 262 parking spaces and 36,000 square feet of commercial space. A restaurant and a bistro complete the property.

In Dusseldorf, 423 residential units with approximately 243,000 square feet of living space will be realized in a skyscraper by 2021, which will be supplemented by just under 11,000 square feet of commercial space.

The property located on the Kaiserlei on the border between Offenbach and Frankfurt/Main will feature 632 apartments with a total of 339,000 square feet of living space and 66,700 square feet of commercial space and will be equipped with a sky lounge, wellness and fitness area, as well as underground parking spaces for electric vehicles. .

Approximately 223,000 square feet of floor space are being developed in Cologne, almost half of which will be used to create 200 residential units, while approximately 125,000 square feet of commercial space will be modernized for Deutsche Post, Deutsche Bahn Service and other users.

Not far from the city of Leipzig, a property with 296 apartments and approximately 172,000 square feet of living space is being built. With 46,000 square feet of commercial space for offices and restaurants, the high-quality residential building is being built in the immediate vicinity of the Graphische Viertel and the University Hospital.