Corestate invests in German retail properties
Corestate Capital Group has acquired 20 separate retail properties in prime shopping locations in pedestrian zones in medium-sized German cities such as Bremen, Düren and Flensburg for CHF 125 million.
The properties comprise a total area of over 56,000 sqm and are highly diversified in terms of locations, property types and tenants, according to Corestate. Anchor tenants include C&A, H&M, the supermarket chain Rewe and the electronics retailer Saturn.
Sascha Wilhelm, Chief Executive Officer of Corestate, sees great potential for attractive, risk-adjusted returns in medium-sized cities compared to similar investments in Germany's top 7 cities.
New Managing Director in Spain
Meanwhile, Corestate has appointed Jorge Sena Ponce as Managing Director of Iberian Corestate Capital Advisors S.L.. He was previously a Senior Advisor in the Madrid office of Cerberus Capital Management, where he was responsible for deal sourcing and underwriting for all real estate classes in Spain.
Iberian Corestate Capital was founded at the beginning of this year as a joint venture between Corestate, Promociones Y Propiedades Inmobiliarias Espacio S.L.U., a real estate project developer and asset manager, and its sister company OHL Desarrollos. Both companies are part of Grupo Villar Mir. The first project to be realized by the joint venture will be the development of a mixed-use high-rise property in the immediate vicinity of the Cuatro Torres in Madrid. (ah)
