CORESTATE acquires 260 serviced apartments in Munich, Germany

(PresseBox) ( Frankfurt, )
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxemburg, has bought a former office complex in Munich, Germany. Built at the beginning of the 1980s, the asset was recently refurbished to house 260 serviced apartments. The building offers 8,300 sq.m. of rental space, which apart from the flats includes common rooms, a fitness studio as well as a 1,800 sq.m. training and conference centre with a flexible floor plan.

Located in the Moosach district north-west of the city centre, the asset is well-linked to the B304 state road, a main city artery, as well as the local public transport network. The inner city can be reached in less than 15 minutes from the nearby subway station "Olympia-Einkaufszentrum". The Olympia mall itself offers a wide range of shopping as well as leisure opportunities on site.

Thomas Landschreiber, co-founder and Chief Investment Officer, CORESTATE: "As the German city with the strongest economy, Munich is of course a dream destination for all investors in the servicedapartment segment, which targets young professionals, business travelers and project employees. The micro location is attractive as well: Several international corporates are located in the immediate vicinity, including the German headquarters of Spanish telecommunications company Telefónica and US software developer Oracle as well as an reseach and development site of the BMW Group."

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