DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Expansion
Corestate sets new standard for student housing in Pamplona, Spain
Frankfurt/Main, November 12, 2020. Corestate Capital Group (Corestate), a leading independent investment manager for real estate in Europe, has launched its next student housing property located in the Spanish university city of Pamplona with an investment volume of around EUR 30 million. After its completion in 2023, it will be operated under the company's Youniq brand, which is already represented in Seville and will expand its presence in Spain by 2022 to include additional properties in Barcelona, Salamanca and Valencia. Youniq's total portfolio (GAV) in Spain will then be worth approximately EUR 220 million, with more than 1,500 beds. Corestate plans to expand its capacity there in the Micro Living sector, which also includes serviced apartments and co-living, by up to 1,000 beds per year.
"We are able to find investment opportunities for further growth in Europe despite the effects of the corona crisis. Our longstanding pioneering role in the Micro Living asset class is a key success factor in this respect. Education in particular and above all international qualifications are becoming increasingly important in difficult times with correspondingly stronger competition on the job markets. At the same time, the demand for high-quality student housing, which Corestate is offering at more and more locations, is increasing. With properties like the one in Pamplona, we are setting new standards in terms of quality, facilities and sustainability. This will benefit both our investors and the tenants," explained Nils Hübener, CIO of Corestate.
Currently, more than 20,000 students in Pamplona have only around 2,500 beds in student accommodations In addition, the majority of the existing student apartments are over 20 years old and no longer meet the standards of today's students in terms of equipment. With 279 beds in 199 apartments on an area of approx. 9,700 sqm, the Youniq property is expected to offer state-of-the-art space for living, working, and leisure in two years' time. It will include "community spaces" such as a roof terrace, a fitness area, co-working areas, a cinema room and a communal kitchen. Separate study rooms, Internet access, a laundry room, underground parking and security service are also part of the concept.
The building is being constructed in Soto Lezkairu, a new up-and-coming district in the south of the city, near the Public University of Navarre and the University of Navarre.
Youniq Pamplona, Architects "Morph Estudio, Madrid"
Investor relations contact
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with more than € 28 bn in assets under management. As a fully integrated real estate platform, CORESTATE offers its customers combined expertise in the areas of investment and fund management as well as property 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 additional offices in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam, among others. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Please visit www.corestate-capital.com for further information.
This press release may contain certain 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 position, development or performance of the Company and the estimates given here. These factors include those described in published reports. These reports are available on our website www.corestate-capital.com. The Company assumes no obligation whatsoever to update these forward-looking statements or to conform them to future events or developments. No inappropriate significance should be attached to forward-looking statements, which apply only to the date of this communication.
12.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Corestate Capital Holding S.A.
4, Rue Jean Monnet
+49 69 3535630-107
+49 69 3535630-29
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
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