Corestate Capital Holding S.A.
CORESTATE structures attractive financing for its new CRG III residential fund with a EUR 27 million loan from BayernLB based on institutional ESG criteria
DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Real Estate/Financing
CORESTATE structures attractive financing for its new CRG III residential fund with a EUR 27 million loan from BayernLB based on institutional ESG criteria – Debt financing with long-standing partner BayernLB for Dresden’s MIKA Quartier – Admixture of sustainable KfW subsidies, excellent conditions and a 10-year term – Continuation of CORESTATE’s CRG residential fund series to meet sustained strong customer demand for high-quality residential real estate Frankfurt, October 14, 2019 – CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has structured an attractive financing package for the “MIKA Quartier” property in Dresden that takes into account the growing ESG requirements of institutional investors. CORESTATE has secured EUR 27 million in debt financing from Bayerische Landesbank (BayernLB) at particularly competitive conditions and with a term of 10 years. The total loan consists of a classic bank loan and KfW funds. MIKA Quartier is a property in the portfolio of the open special-AIF “CORESTATE Residential Germany III” (CRG III) aimed at institutional investors. Lars Schnidrig, CEO of CORESTATE Capital Group: “Following the successful placements of the predecessors CRG I and II, the latest edition of our successful fund series meets the sustained high customer demand for investments in high-quality residential real estate in Germany. With BayernLB as our long-standing and trustworthy partner, we have been able to gain a high-performance banking partner for the attractive MIKA Quartier, from whom our customers will benefit in terms of extensive experience, high reliability and in-depth knowledge of the market.” The new building project MIKA (An der Elbaue / Flößerstraße), which is about to be completed, has total rental space of nearly 15,000 m² with 179 high-quality rental apartments, 3 commercial units and 145 underground parking spaces. The residential building is located in an attractive district in the north of Dresden with a very good traffic, shopping and leisure infrastructure. Matthias Heimann, Head of Debt Finance & Debt Advisory: “In close and constructive cooperation with BayernLB, we have combined conventional long-term financing with excellent conditions from BayernLB and used KfW subsidies for energy-efficient construction. We have thus succeeded in structuring an attractive financing package for this property in line with our ESG criteria, which is entirely in line with our investors’ requirements.” CRG III, which was launched in the first quarter of 2019, focuses on new residential properties in metropolitan regions and prospering cities throughout Germany. The fund has a planned minimum target volume of EUR 300 million with an average annual yield distribution of at least 4 percent.
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14.10.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Corestate Capital Holding S.A. |
4, Rue Jean Monnet | |
L-2180 Luxembourg | |
Luxemburg | |
Phone: | +49 69 3535630-107 |
Fax: | +49 69 3535630-29 |
E-mail: | IR@corestate-capital.com |
Internet: | www.corestate-capital.com |
ISIN: | LU1296758029 |
WKN: | A141J3 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 889261 |
End of News | DGAP News Service |