Corestate sets up open-ended residential property fund
Corestate Capital Holding S.A. has plans to launch an open-ended special AIF with a focus on residential property in Germany. The target volume of the Corestate Residential Germany Fund II is at least €300 million ($348 million).
An initial €70 million ($81 million) of equity for the seed portfolio has already been secured. The first investor is a German pension fund.
Hannover Leasing Investment GmbH is mandated as the investment management company.
Corestate Residential Fund II focuses on newly built residential property in metropolitan areas and prospering cities throughout Germany and will aim at an annual payout rate of at least 4 percent.
Capera Immobilien Service GmbH, a Corestate subsidiary, will be responsible for the property management.