Cologne-Deutz: CORESTATE has acquired a student housing and micro apartment complex for the special BVK-Residential Europe real estate fund of Bayerische Versorgungskammer (BVK); the selling process was managed by Catella Property
CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has acquired a student housing and micro apartment complex in Cologne-Deutz for the special BVK-Residential Europe real estate fund of Bayerische Versorgungskammer (BVK). BVK is one of the largest institutional investors in Germany. The core property under development has a total investment volume of approx. EUR 60 million. The sales process on the seller side was structured and controlled by Catella Property.
Philipp Rohweder, Director Investments at CORESTATE: “Ten years ago, we were one of the first to discover the potential of this now independent asset class Micro-Living in Germany and have been actively involved in shaping this growth market ever since. Today, our clients benefit from our many years of expertise in this segment over the entire value creation cycle of their real estate.”
The project was developed by Objektgesellschaft Gummersbacher Straße, led by Peter Schmitz, in cooperation with karzelwillkarzel architects, Cologne acting as general planner. Catella Property acted exclusively as a consultant for the seller.
By 2021, 163 furnished student apartments with a total of 220 beds and 6,112 m² of living space will be finished in the first construction phase. In addition, there will be common rooms, parking spaces for cars and bicycles. In the second construction phase, an additional 13 unfurnished apartments with slightly more than 1,000 m² of living space and a day-care center for children with around 800 m² of usable space is planned.
The residential complex is located in the immediate neighborhood of the Technical University and has excellent transport infrastructure via public transit and long-distance traffic. The exhibition grounds and Cologne city center are just a few minutes away. One of the special features of the apartment building is its photovoltaic system, which meets the high requirements for the “KfW Efficiency House 40 Plus” standard.
The Corestate brand “Linked Living,” which offers high-quality, furnished student and business apartments under one roof in prime locations in Germany and Austria, is the operator of the property. Besides properties in Hamburg and Vienna, another Linked Living location will soon be opened in Berlin.