Germany: Luxembourg-based Corestate Capital Holding has bought a serviced apartment complex in Munich.
Built at the beginning of the 1980s, the asset was originally an office building but has recently been refurbished to include 260 serviced apartments, communal space, a fitness studio and a 1,800 square metre training and conference centre with a flexible floor plan. It is located in the Moosach district, north-west of the city centre.
Thomas Landschreiber, co-founder and chief investment officer of Corestate, said: “As the German city with the strongest economy, Munich is of course a dream destination for all investors in the serviced-apartment segment, which targets young professionals, business travellers 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 research and development site of the BMW Group.”
