Corestate Group acquires plot for student accommodation-led development in Vienna
Corestate Group has acquired a 6,500 square metre plot in Vienna, Austria, for a 25,000 square metre student accommodation-led development.
Corestate plans to develop a high quality student housing scheme, with a projected market value after realisation of approximately EUR80m, comprising more than 500 residential units.
The completed development will feature numerous communal social spaces, as well as ample public areas, allowing residents to enjoy the community feel that the project intends to create. The scheme will be well served by amenities including approximately 1,000 sq m of retail commercial space to satisfy residents’ needs. The concept also includes incubator space to provide high quality but low cost office accommodation to house start-up businesses from the WU Wien University.
The asset will be operated by Youniq, which owns, develops and operates approximately 3,500 student apartments in Germany across 13 locations.
Ralph Winter, chairman and founder of Corestate Capital, says: “This project illustrates our appetite for unique investment situations across Europe. Corestate and its co-investors follow a strategy of creating value in the different stages of the life of assets and across varying asset classes. For the time being, the most compelling returns are found in niches only a limited number of professional investors have access to. We see immense potential for student housing projects in economically sound European countries.”
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