DGAP-News: CORESTATE expands to Scandinavia: first acquisition of a Serviced Apartment complex in Copenhagen

CORESTATE expands to Scandinavia: first acquisition of a Serviced Apartment complex in Copenhagen

- Pan-European expansion strategy in attractive micro living markets continues

- The asset will comprise of 248 apartments, a total usable area of 9,250sqm including commercial areas and a gross floor area above ground of c. 12,200sqm

Frankfurt, 08 January 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, announces the next step in its Pan-European expansion strategy. The company acquired a Serviced Apartment complex in Copenhagen/Denmark, the first investment in Scandinavia. The asset will be operated by CORESTATE's serviced apartment brand JOYN and will be part of its micro living platform with an excess of 30.000 student housing and serviced apartment beds across Europe. Currently, CORESTATE has micro living operations or assets in seven European countries: Germany, Austria, Switzerland, Spain, UK, Poland and now Denmark.

Lars Schnidrig, CEO CORESTATE Capital Group, comments: "We consistently continue to roll out our micro living offerings for our clients into further European countries. Denmark offers very attractive conditions, and a dynamic market for business travellers and young mobile professionals. This is exactly what our clients are eagerly searching for and what we can offer: assets in locations with a highly flexible work force accompanied by a solid economic background."

The project, acquired via forward purchase agreement from NPV, who will act as delegated developer in the transaction, is located at Landvindingsgade and part of the urban development project "Enghave Brygge South" in direct neighbourhood to the future metro stop, Aalborg University, several international companies and the large Kedelsmedjen conference centre. The asset - once completed - will comprise of 248 apartments, a gym, a restaurant, a gastro-to-go-concept and a co-working area across a total usable area of 9,250sqm and a gross floor area above ground of c. 12,200sqm. Additional modular offerings for the tenants like housekeeping and laundry complete the serviced apartment concept.

Jens Schaumann, CEO NPV, comments: "We are very pleased being able to finalize a transaction with a major player as CORESTATE being their local delegated developer. NPV has a deep experience in developing serviced apartments/hotels, offices and residential which all will be needed developing and constructing this 12,200 sqm turn key serviced apartment/hotel to CORESTATE. Having developed and constructed most of the residential part of Engholmene, it is a great pleasure to start the development and construction of our commercial building sites adjacent to the residential islands".

Press Contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
[email protected]

IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
[email protected]

About CORESTATE Capital Holding S.A.: CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately €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. Further information may be found at www.corestate-capital.com.

About NPV: NPV is a large Danish developer known for its larger urban developments in Copenhagen as Engholmene, Amager Strand, BIG Shopping, and Sydhanvsgade/Trekantsgrunden. NPV is a full scale developer within residential, hotels, office and retail which qualifies NPV for developing larger urban areas. NPV has a great focus on sustainability and innovation which forms part of every project developed by NPV.

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.