DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Real Estate/Expansion
CORESTATE and Bain Capital Credit agree to a strategic partnership for Micro Living Assets in Poland
Frankfurt, 19 December 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has agreed a new partnership with Bain Capital Credit. Bain Capital Credit is a leading global credit specialist with approximately USD 41 bn in assets under management. The agreement establishes a financing partnership in Poland within the Micro Living sector, specifically to coinvest in properties and convert them into student housing. The partnership has the initial capability to develop up to EUR 500 mn GAV. The agreement also includes asset and property management contracts.
Lars Schnidrig, CEO CORESTATE Capital Group: "Our partnership with Bain Capital Credit underscores our ability to offer convincing fully integrated solutions with our one-stop-shop approach. Crucial for Bain Capital was our ability to act as a co-investor with aligned interest. With Bain Capital we have found a partner with strong real estate experience across Europe with whom we will continue our successful growth story in the European Micro Living sector."
Fabio Longo, a Managing Director and Head of Bain Capital Credit's European Non-Performing Loan & Real Estate business: "We are pleased to have partnered with Corestate on our first student accommodation venture in Poland, where there is significant potential to create value and add to our substantial European real estate portfolio. The undersupply of quality student housing alongside the growth in international student numbers and strong investor appetite for such assets creates highly favourable investment conditions."
The first project developments for student housing are planned at the most important university locations in Poland. CORESTATE has already acquired the first suitable properties and is currently examining further acquisitions. All of the planned locations have in common the high demand for modern living space geared to today's student needs that is not met by current supply. This applies both to the number of flats/apartments and to the quality of the furnishings.
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19.12.2019 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:||939987|
|End of News||DGAP News Service|