Kiel: Corestate buys residential project for over €40mn

31/01/2019

Corestate Capital has acquired 114 planned apartments in Kiel’s harbor area for its open-ended Spezialfonds “Residential Germany Fund II”. The forward deal has an investment volume of €48mn. The “Bootshafen” residential project, located at Andreas-Gayk-Straße and Hafenstraße, is scheduled for completion in early 2021. Ten Brinke took over the site’s project development from Deutsche Immobilien Entwicklungs GmbH in mid-2018. A hotel construction project which was part of the package was later sold to Art-Invest. 8,850 sqm is designated for rental apartments, and 450 sqm for commercial space. This acquisition is the fund’s third after purchases in Berlin’s Lichtenberg district and Dresden’s historic city center. The fund has a target volume of €300mn and aims for an ongoing distribution of at least 4% p.a. It is fully placed. Corestate says that it is “already concentrating on the subscription period for the successor fund”.


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