DGAP-News: CORESTATE expands market position in the Micro Living segment in Spain
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Expansion
CORESTATE expands market position in the Micro Living segment in Spain
- Plot of land acquired in Salamanca for 258 student apartments
- Operation from 2022 under the brand name Youniq
- Three more properties in Spain in advanced acquisition stage
Frankfurt, 19 July 2019 - CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment management company in Europe, has acquired a plot of land in Salamanca to build a student apartment building on. The company is thus consistently implementing its growth agenda for Micro Living in the Spanish market.
The property will be operated under the CORESTATE brand Youniq, one of Germany's leading providers of student housing. The total investment costs of the project will amount to around EUR 25 million. Commissioning is scheduled for the third quarter of 2022. CORESTATE is already operating or developing three Micro Living properties in Spain on behalf of clients, and three more are in an advanced acquisition stage.
Lars Schnidrig, CEO of CORESTATE: "We want to become the leading provider of Micro Living in Europe. Spain is an important core market for this growth strategy. We already operate a property in Madrid under our Micro Living brand Youniq, an opening will take place in Seville at the beginning of 2020 and another building in Valencia is in the development phase."
Thomas Landschreiber, Co-Founder and CIO, adds: "Ten years ago, we were one of the first to discover the potential of the now independent asset class Micro Living in Germany and continue to actively shape this market to this day. Our customers benefit from our many years of expertise in this segment. With attractive yields, we cover the entire value creation cycle of a property, from land acquisition to project development, construction, operation and the exit strategy. The property in Salamanca is yet another example of this."
In Salamanca, 30,000 students currently have only around 3,000 dormitory places. The university town is unable to adequately meet the demand for student housing on its own, however. Moreover, many existing student housing properties no longer meet today's standards. With its new modern apartment building, CORESTATE addresses this unanswered need.
The property is located in Calle Santiago Diego Madrazo, near the campus of the University of Salamanca and the old town centre. The building will have 258 modern furnished apartments with 301 beds (total net rental space approx. 4,000 m²), 74 parking spaces, cellars, various community areas for learning, TV or gaming as well as a lobby, roof terrace and fitness studio.
19.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Corestate Capital Holding S.A.|
|4, Rue Jean Monnet|
|Phone:||+49 69 3535630-107|
|Fax:||+49 69 3535630-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||843611|
|End of News||DGAP News Service|