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Corestate acquires distressed German residential portfolio

Private equity investor Corestate Group has acquired a portfolio of 153 residential assets located in the Rhine Ruhr region of Germany valued at  EUR85 million. A German bank has provided financing on competitive terms for the portfolio which comprises over 2,100 units.

As part of Corestate’s asset management strategy, the business plan includes a comprehensive investment and capex programme. Consistent with its strong track-record, Corestate’s asset management team intends to deliver its value enhancement plan quickly, with the aim of reducing vacancy across the portfolio and optimising overall asset performance.

Phillip Burns (pictured), CEO of CORESTATE, says: “In line with CORESTATE’s successful business model, this transaction yet again provides an example of where the Company has used its strong business platform and network of contacts to seize an off-market investment opportunity.  We already have identified a number of key asset management initiatives where we can extract value from the portfolio, including necessary injections of investment to revitalise the assets in order to drive overall returns.”

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