Corestate invests €500mn in luxury temporary living
Corestate Capital has developed “Joyn”, a new product line in serviced apartments aimed at business travelers, project employees, and commuters. CIO Thomas Landschreiber called Joyn a “luxury alternative in the booming micro-living asset class” and anticipates high demand from tenants and investors. Corestate has secured eight properties with more than 1,100 beds and an investment volume of around €500mn to date. The first two buildings, in Munich, are already in operation with 315 serviced apartments in all. Corestate is developing further properties in Cologne, Düsseldorf, Hamburg and Frankfurt, and has plans to operate locations in all major European cities in the future. The properties allow guests a flexible stay of up to six months, while only paying for services actually used. Joyn is the third micro-living corporate brand after Youniq (student apartments) and Linked Living (student and business apartments).
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