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«Just months after launching its CORESTATE German Commercial Properties Fund, CORESTATE Capital already invested EUR 165 million in commercial real estate in Germany. Since November 2007, the company acquired a total of 33 properties that together show a gross lettable area of 124,000 square metres. About 80 percent of the floor space is earmarked for office and retail purposes, with the remaining space used otherwise. Remaining lease terms average 4.5 years, while the vacancy quota remains just below 13 percent. Annual rents currently exceed EUR 12.4 million, which translates into a 7.5 percent gross initial yield when seen in relation with the investment volume.
Ralph Winter, CEO of CORESTATE, is optimistic about investing another billion Euros in German commercial real estate during the ongoing financial year. "We buy off-market, matching our approach in residential real estate. Our investments focus on office and retail real estate, mostly in secondary locations in major cities or else prime locations in so-called secondary locations, meaning smaller towns andmedium-sized cities with supply function for surrounding communities".
He went on to say that the acquired office properties are exclusively located in the western German states, whereas some of the retail properties are actually located in eastern German states.
CORESTATE Capital AG is a private equity investment house and asset manager seated in Zurich. Part of the current portfolio are CORESTATE German Residential Limited and CORESTATE German Commercial Properties Fund, LP, both seated in Guernsey. Investors include international, institutional players such as ING, Lloyds TSB, CBRE Investors, Schroeders, among others. CORESTATE holds a majority interest in the Dr. Ochel Group, seated in Bochum, and specialising in exit strategies in the housing industry. GREAT GmbH, Frankfurt, advises CORESTATE in all issues involving real estate investments and associable due diligence processes. New CORESTATE funds and corporate affiliations are in preparation. CORESTATE already committed EUR 1.2 billion on the German real estate market». ( CS della Società)
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