DGAP-News: CORESTATE further expands its micro living activities in Spain with its new building for its business apartment brand - JOYN

CORESTATE further expands its micro living activities in Spain with its new building for its business apartment brand - JOYN

Currently CORESTATE has six micro living projects in Spain, one of the Group's core micro living markets, with a total volume of EUR 230 million Extended access to the Spanish market for institutional clients through cooperation with real estate developer Metrovacesa A total of 10 JOYN properties will be operational at top locations in Europe by 2023 CORESTATE continues to expand its leading European market position in micro living providing a platform for its capital partners to co-invest in this exciting asset class

Frankfurt, December 4, 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has acquired its first Spanish property for its JOYN brand business apartments in Madrid. A total of 10 JOYN properties will be operational at top locations in Europe under our service accommodation brand by 2023.

Spain is already a core market for CORESTATE with six defined projects in the micro living sector, five of which are student housing. Additional micro living properties are in the process of being acquired. The total volume on the Iberian Peninsula is today c. EUR 230 million. The new building project is to be placed as part of a club deal. The seller is Metrovacesa, the leading real estate developer in Spain with a 100-year tradition in the development and sale of privately owned homes and commercial projects.

Lars Schnidrig, CEO of CORESTATE: "The implementation of our European growth strategy is increasingly gaining momentum. Our successful activities in the attractive Spanish market underscores our position as the European market leader within the micro living asset class. We were one of the first investment managers to focus on this asset class, taking the lead in its European development, with a result we now have a very strong Pan European market position that increasing numbers of capital partners are wishing to partner with us across our micro living platform. This also includes excellent access to attractive acquisition properties. We have now taken an important first step towards a strategic partnership for our customers by working with Metrovacesa, which currently has the largest portfolio of liquid properties in Spain."

The serviced apartment building is being built in Calle Castiello de Jaca in Madrid's preferred office location Las Tablas, where multinational companies such as Telefónica, BBVA, Huawei and BMW have their branch offices. It is ideally located between the city center and the airport. Completion is scheduled for early 2022. With total rental space of approx. 6,600 m², the property will have 207 apartments between 24 and 40 m² as well as 106 parking spaces on two underground floors. The building will be fully geared to the needs of business travelers, with work areas, lounges, a gym and a restaurant, which will also attract employees of the surrounding companies as well as residents of the adjacent middle class residential area.


Press 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 more than 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, 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.

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.