Corestate invests in €300m mixed-use German asset for BVK

Corestate has acquired the main part of the trophy city quarter development The Q in Nuremberg, Germany, for an institutional investment mandate on behalf of Bayerische Versorgungskammer (BVK). The sales price was €300 million ($356 million).

The property will be developed into one of the most modern urban districts in Germany by the Düsseldorf-based seller, Gerchgroup.

Lars Schnidrig, CEO of Corestate Capital Group, said, “This urban district development is currently one of the largest in Germany and is a good example of new types of use of city building sites in top locations in combination with the increasing demand for innovative mixed-use concepts for housing, infrastructure and commerce on the customer side. Here we develop sustainable and profitable investment solutions for our institutional clients on the basis of our excellent product access to large real estate projects in A cities and our very broad experience in active asset management. Due to the mega