Corestate plans student dormitory in Berlin
The Corestate Capital Group is acquiring a plot of land in the Wedding district of Berlin's Mitte borough. The real estate investor is planning to develop a student housing project there.
Around 160 residential units, numerous community spaces and public areas are to be created in a high-quality, seven-storey building. Almost 600 square meters of retail space is also planned.
The project will have "sophisticated architecture and large roof terraces with views of nearby parks", according to Corestate. According to Thomas Landschreiber, Chief Investment Officer of Corestate, the student housing segment is particularly attractive because the demand for student accommodation is independent of the economic cycle. Demand is boosted by continuously rising numbers of first semester students, which, in combination with empty coffers at state or denominational operators, guarantees not only full occupancy but also long waiting lists. (ah)
