CORESTATE Capital Holding S.A., a leading independent investment manager for real estate in Europe, has acquired its first Micro Living properties in Gdansk and Krakow for Bain Capital Credit, a leading global credit specialist with approximately $41 billion in assets under management. In December 2019, the two companies entered into a joint investment partnership in Poland in the student apartments and serviced apartments segment. The agreed total investment framework initially amounts to around EUR 500 million and also includes asset and property management agreements.
The total investment volume of the two properties is around EUR 73 million. Apart from the medical campus of Jagiellonian University, an apartment complex consisting of two buildings with 606 fully furnished apartments (689 beds) and total rental space of close to 12,000 m² is being built in Krakow. A new building for students with 475 units and 558 beds will be run under the Youniq brand. In addition to dining facilities, the project will include a kiosk, various common areas for study and leisure, a gym and a launderette. Furthermore, an adjacent listed building will be developed into a serviced apartment building of the JOYN brand. In Gdansk, a student apartment building is also being built for Youniq with 279 units (409 beds) and total rental space of approximately 6,200 m². Special facilities will include a communal kitchen, fitness rooms, a launderette and a TV and gaming room.
CORESTATE Capital Holding S.A. is an investment manager and co-investor with approximately Euro 28 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and Fund Management as well as real estate management services. CORESTATE is headquartered in Luxembourg and has 42 offices, e.g. in Frankfurt, London, Madrid, Singapore and Zurich. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.
Source : Company