Corestate Capital Holding has launched Stadtquartiere I, a new open-end special AIF that will invest in urban developments in the center of medium-sized and large cities in Germany.
The fund has a target volume of €500 million ($606 million), and according to the firm is the first fund of its kind in Germany for institutional investors. Hannover Leasing, an in-house investment management company, will be responsible for managing the fund.
The fund has already raised €120 million ($145 million) and has a current pipeline valued at €150 million ($181 million).
“Ten years ago, Corestate was a trailblazer in a new asset class, micro-living, which laid the foundations for a success story for institutional investors throughout Europe that continues to this day,” said Nils Hubener, CIO of Corestate. “Now we see similar potential with city quarters here in Germany, which is why we want to take a leading role in developing this market at this early stage.”
