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 customers, 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) as well as 74 parking spaces.
About CORESTATE Capital
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately Euro 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, e.g. in Frankfurt, London, Madrid, Singapore and Zurich. The company employs around 700 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.