Corestate sells EUR135m repositioned German residential portfolio
Corestate Capital, a specialist real estate investor based in Zug, Switzerland, has completed the sale of a German residential property portfolio for approximately EUR135m.
The assets were sold as part of a repositioning programme to various institutional and private investors.
The portfolio comprises approximately 2,100 residential units spread across 12 German states. Corestate had originally acquired the portfolio in a distressed state and has repositioned it over time by investing capital in asset management activities to improve the overall state and quality of the asset.
Thomas Landschreiber, chief operating officer, Corestate Capital, says: “Extremely scattered portfolios represent a welcome challenge for us. Due to our broad asset and property management platform we are able to operate in the immediate vicinity of assets nationwide. Increase in value, value retention as well as solid and long-term rental income are accomplished through our customised asset management activities. We will continue to create products for our investors, which can serve the high level of demand for stable German real estate."
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