DGAP-News: CORESTATE expands market position in the Micro Living segment in Spain

2019. július 19., péntek, 07:00





DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Expansion


CORESTATE expands market position in the Micro Living segment in Spain


19.07.2019 / 07:00



The issuer is solely responsible for the content of this announcement.



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.




PR Contact

Jorge Person

T: +49 69 3535630-136 / M: +49 162 2632369

jorge.person@corestate-capital.com

IR Contact

Dr. Kai Gregor Klinger

T: +49 69 3535630107 / M: +49 152 22755400

ir@corestate-capital.com




About CORESTATE Capital Holding S.A.

CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approx. EUR 26 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs total staff of around 700 and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further information may be found at www.corestate-capital.com.




Forward-looking statements

This press release may contain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at ir.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
















19.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Corestate Capital Holding S.A.

4, Rue Jean Monnet

L-2180 Luxembourg

Luxemburg
Phone: +49 69 3535630-107
Fax: +49 69 3535630-29
E-mail: IR@corestate-capital.com
Internet: www.corestate-capital.com
ISIN: LU1296758029
WKN: A141J3
Indices: SDAX
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





843611  19.07.2019 



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