CORESTATE to develop a new micro living property in Barcelona

CORESTATE is developing yet another Micro Living project in Spain and has meanwhile secured six properties in this asset class with a total volume of around EUR 230 million. The fifth location for the construction of a student apartment house including Barcelona reflects CORESTATE’s dynamic growth strategy on the Iberian Peninsula and in Europe. With the new building project just a few minutes’ walk from the Diagonal-Besòs campus of the Universitat Politècnica de Catalunya (UPC), the company is planning one of the highest quality and best equipped student residences in the city.

CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, is developing yet another Micro Living project in Spain and has meanwhile secured six properties in this asset class with a total volume of around EUR 230 million. The fifth location for the construction of a student apartment house including Barcelona reflects CORESTATE’s dynamic growth strategy on the Iberian Peninsula and in Europe. With the new building project just a few minutes’ walk from the Diagonal-Besòs campus of the Universitat Politècnica de Catalunya (UPC), the company is planning one of the highest quality and best equipped student residences in the city.

Lars Schnidrig, CEO of CORESTATE: “We are implementing our European growth agenda as planned and the location in Barcelona represents the next important building block towards achieving European market leadership in the Micro Living asset class. Spain is now a very important core market for us with five concrete projects in the student residential sector, one secure location for business apartments under our JOYN brand and two additional planned properties. Our long-standing activities in this asset class are a key driver of our success. Today, our clients benefit particularly strongly from our great expertise, as we were one of the first investment managers to rely on it more than 10 years ago.”

Barcelona is a tourist magnet and at the same time an educational center for Spain and abroad. Around 12 million tourists visited the region in 2017 and nearly 171,000 students are studying there. According to the QS ranking, Barcelona was among the 30 most popular student cities in 2018. As in many other Spanish university cities, many student residences no longer meet today’s standards and the overall demand for living space is far from being covered by the supply. CORESTATE is meeting precisely this unmet demand with its new modern apartment building, which will be operated under the Youniq brand, starting in 2022.

The property is located near the city beach “Playa de Levante” in Calle Pallars 489 in the dynamic innovation quarter “22@.” It is located directly at a metro station with good traffic connections in the direction of the city center to the campus of the private University Pompeu Fabra, also located in 22@, as well as to the main campus of the University of Barcelona. The property will offer 257 state-of-the-art apartments with 265 beds (total net rental space approx. 4550 m²), 57 parking spaces, co-working areas for external users as well, very spacious community areas with several communal kitchens, two roof terraces, one of which has a swimming pool, and a fitness studio.

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.