Corestate has acquired a residential complex in Hanau for its open-ended special AIF "CORESTATE Residential Germany Fund II”. HANNOVER LEASING Investment GmbH acts as the capital management company. Corestate creates modern living space in Hanau consisting of 11 buildings and 144 apartments on a total lettable area of around 12,200 sqm. In addition to the apartment buildings, a parking deck with 218 parking spaces as well as additional 72 outdoor parking spaces and 290 bicycle spaces are planned. Completion of the properties is targeted until the beginning of 2022. The total investment volume is just under 60 million euros.
Sole investor is a large German pension fund. Seller is the LEG Hessen-Hanau.