Corestate Capital to develop Austrian apartments in €432m JV
Corestate Capital has plans to developing four residential high-rises with a total of 1,350 units in Vienna for a total project volume of €432 million ($475 million).
“Due to the high share of flats that are either in need of refurbishment or just old, and due moreover to the rise in incoming migration to Vienna, there is an enormous demand in the city for new and modern housing accommodation,” said Thomas Landschreiber, CIO of Corestate Capital, in a statement. “The high number of apartments already reserved at either project ahead of the start of construction suggests as much. These property developments reflect our focus on unique investment situations that promise attractive rates of return across Europe.”
Together with its Austrian partner Soravia Group, Corestate Capital is planning to develop two distinct ensembles of high-rises with a combined total of 1,350 condominiums and rental flats, as well as office and commercial un