Corestate buys Vienna Micro Living project

Corestate Capital acquires the project "QBC 6.2." via a so-called "forward funding" structure (payment according to construction progress) for 27 million euros, which will be completed in the second quarter of 2019. The property is located in the "Quartier Belvedere Central", a new Viennese district with office, residential and hotel properties directly at the main railway station. The completed property with a total area of around 8,600 sqm is to be operated by the Corestate subsidiary Upartments Real Estate GmbH.

Corestate's third micro-apartment project

This is already the third project in which Corestate is investing in Vienna. In the fall of 2015, the Luxembourg-based company opened the new construction project "Linked Living," which, with 589 fully furnished micro apartments, was considered the largest residential building for students in Austria's capital. For a recently launched individual fund in the serviced apartments sector with a target volume of at least 200 million, one of the three residential towers of the new construction project "TRIIIPLE" also forms the first investment property.

Corestate is an investment manager and co-investor with approximately 20 billion in assets under management. The company is headquartered in Luxembourg and has 29 other offices, including in Frankfurt/Main, London, Madrid, Singapore and Zurich. The company employs over 470 people and is listed on the Frankfurt Stock Exchange (Scale).

Focus on expansion throughout Europe

"We will continue to focus on the urbanization megatrend in the future. In student housing, we were a first mover in Germany, and in micro living we are among the most active market players. Our projects in Austria show strong demand in other European countries. An expansion into European markets has not been planned so far, but we will push this strongly in the future," announces Corestate-CIO Thomas Landschreiber.

According to its own statements, UBM Development AG sets its strategic focus on the three asset classes hotel, office and residential as well as on the three core markets Germany, Austria and Poland. UBM shares moved to the Prime Market segment of the Vienna Stock Exchange in August 2016.