Luxembourg fund manager launches serviced apartment war chest

George Sell George Sell Uploaded 29 August 2017

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Luxembourg: Corestate Capital Holding, a real estate investment manager and co-investor, is structuring a serviced apartment fund with a target volume of at least €200 million

Structured for a large German insurance company, the individual fund focuses primarily on fully equipped and furnished studio and one-bedroom apartments in central locations of major German and European cities such as Vienna.

As the first asset of the individual fund, Corestate has invested in one of three residential towers at the Triple development in Vienna. By 2020, the developer will build 670 serviced apartments, along with office and retail space. Besides handling the investment and asset management, Corestate will also be responsible for the property management of the buildings through a subsidiary, Upartments Real Estate GmbH.

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