DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Real Estate/Funds
Corestate acquires new construction project 'Augsburg Offices' for closed-end public AIF
Frankfurt, 10 August 2021 - The real estate investment management company Corestate has acquired the new office construction project 'Augsburg Offices' for a closed-end public AIF. The Corestate subsidiary Hannover Leasing will act as the capital management company and will also provide asset management services for the property. With a total investment volume of approximately € 46.6m, the transaction took place within the scope of a forward purchase. Completion of the property is scheduled for the fourth quarter of 2021. Sales are slated to begin soon.
Tobias Gollnest, Chief Investment Officer DACH at Corestate: "Augsburg is the third-largest city in Bavaria. Located in the Munich Metropolitan Region, its importance as an affordable place to live, work and study is constantly growing. In Augsburg Offices, we have succeeded in acquiring a sustainable, profitable investment property for the AIF that will offer investors attractive returns. In doing so, we are once again underscoring our first-rate regional market access."
Laurent Rucker, Head of Real Estate Investment at Hannover Leasing: "We are delighted to acquire Augsburg Offices. The property features an excellent regional location and outstanding quality, thanks in no small part to its sustainability focus that aims for LEED Gold certification. What is more, it offers a long-term cash flow profile and an excellent, mixed and risk-diversified group of tenants. Augsburg's office market is increasingly gaining importance as a 'satellite market' of Munich."
The new Augsburg Offices campus features a gross lettable area of just under 8,650 m² and an underground car park with roughly 135 spaces (plus 10 outdoor spaces). The developers aim to obtain Gold certification in line with the Leadership in Energy and Environmental Design (LEED) green building rating system. With 10 current tenants on long-term leases from industries such as publishing, IT, automotive, real estate project development, dentistry, private equity and occupational therapy, the multi-tenant property with fixed terms of 7.5 to 15 years offers excellent tenant diversification. The largest tenant is the Weltbild D2C Group.
The property is located close to the city centre and is well connected to private and public local and long-distance transport options. The A8 motorway is roughly 10 minutes from the campus by car. Thanks to a variety of public transport connections (tram and bus), the city centre can also be reached in roughly 10 minutes.
The sale of the property, a joint development of brixx projektentwicklung GmbH and a Munich-based family office, was overseen by ELS 9 Büro GmbH. Savills Immobilien Beratungs-GmbH brokered the off-market deal.
Investor Relations contact
Dr Kai Gregor Klinger
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability - trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London. Please visit www.corestate-capital.com for further information.
About brixx projektentwicklung GmbH
brixx projektentwicklung, founded in Munich by graduate engineer Norbert Müller (Dipl.-Ing.) in 2008, develops real estate projects across Germany, including residential properties, hotels and office campuses in inner city and inner-city-adjacent locations. Land development is another focal point of the company's activities. brixx has extensive experience in the conversion and development of greenfield and brownfield sites, as well as the subsequent development of a variety of new urban quarters, including residential and business quarters on a medium and large urban development scale. More information is available at www.brixx.ag.
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.
10.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Corestate Capital Holding S.A.|
|4, Rue Jean Monnet|
|Phone:||+49 69 3535630-107|
|Fax:||+49 69 3535630-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1225119|
|End of News||DGAP News Service|