Investment manager Corestate Capital Holding has acquired a student residence in Munich in an asset deal from developer Strabag Real Estate.
The property, dubbed Reserl, will become part of the real estate umbrella fund launched on the Luxembourg AIF platform by Universal-Investment on behalf of German pension fund Bayerische Versorgungskammer (BVK).
Comprising almost 6,300 m2 of residential space across 271 apartments, it also includes an organic supermarket and gatronomy unit covering 785 m2.
'Flexible design was already incorporated during the conception phase of the building, meaning that the apartments can be partitioned and individually billed and can thus easily be privatised,' said Thomas Landschreiber, CIO of Corestate.
While the student apartments were launched in autumn of last year, the asset was fully completed in February 2018.
'With the transaction, we are benefitting from the bouyant Munich housing market and the central location of the property, as well as from the development of a modern living concept,' says Rainer M. Schäfer, managing director of Strabag.
Upartments Real Estate, part of the Corestate Group, will operate the residence.