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“CORESTATE Group, a specialist private equity real estate investor based in Zug/Switzerland, with partner offices in Frankfurt, London and Luxembourg, has today announced that it has acquired Rund Carré from HSBC Trinkaus Real Estate GmbH. The recently developed office and retail asset in Hanover was purchased for €25.5 million, representing an initial yield of 7.9%, which compares favourably to long-term yield trends.
Financing for the asset has been provided by a renowned German bank on competitive terms.
Rund Carré comprises a fully-let, 14,000 sq m mixed-use scheme, which was completed in 2006. It provides 8,377 sq m of office accommodation long let to large German corporates.
The remaining space is mainly arranged as good quality retail units. Located within close proximity of Hanover’s main train station, it is well-connected to public transport and only a short distance to Hanover’s International Airport.
Ralph Winter, Founder of CORESTATE, said:
“The Rund Carré asset represents a prime income producing scheme, let to strong covenants, and we believe that we have secured this asset at an attractive price.
Furthermore, Hanover is an attractive investment market with strong local economic fundamentals which compare favourably to the national average in Germany."
CORESTATE Group received valuable local real estate advice from Fürst Immobilien Hannover GmbH and Angermann Global Property Alliance.
CORESTATE Capital AG is a specialist real estate investor based in Zug/Switzerland, with partner offices in Frankfurt, London and Luxembourg. Founded in early 2006 by Ralph Winter, the business has invested more than €1.8 billion in the German real estate market,
either directly across a number of property sectors or through corporate shares. With a staff of more than 50 professionals, CORESTATE Group is active as principal investor, coinvestor, seller and asset manager. Clients investing through CORESTATE Group are
international institutional investors. CORESTATE Group holds a majority interest in YOUNIQ AG, Frankfurt, which specializes in the development of student lifestyle apartments in the business segment of student living”
(CS della Società).
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