Corestate launches further residential fund
Investment manager Corestate has again launched a residential fund for institutional investors. The fund invests in new residential properties in Germany.
The new open-ended special AIF Corestate Residential Germany III (CRG III) follows CRG II, which was fully placed in January this year. According to Corestate, the investment focus is on new-build residential properties in metropolitan regions and prospering cities throughout Germany.
The CRG III is aimed at institutional investors and has a planned minimum target volume of 300 million euros. As an average annual yield distribution "at least 4%" is promised, says Corestate.
The first new construction project for the fund was acquired in Dresden as part of a forward funding deal. The total investment volume is reportedly around 49 million euros. On a total leasable area of just under 15,000 square meters, 179 high-quality rental apartments, three commercial units and 145 underground parking spaces are planned for An der Elbaue/Flösserstrasse. The residential building is located in an attractive district in the north of Dresden with very good transport, shopping and leisure infrastructure, Corestate said. It is expected to be completed in the second quarter of this year, it said. The seller is project developer Townscape One Development. (ah)
