Corestate has added to its European micro living portfolio by acquiring assets in Mainz and Cologne.
The company has bought a purpose-built student housing complex in Mainz-Hechtsheim on behalf of a large German institutional investor.
The complex was constructed in 1990 and extensively refurbished in 2019. It consists of three separate buildings with 473 fully furnished flats and 242 underground and external parking spaces. There are also various common areas, such as a gym, bar and laundry room.
The property is let to Studierendenwerk Mainz through November 2026 and will then be developed to create a facility for Corestate’s Micro Living brand Youniq which provides furnished flats for students and young professionals.
Mainz market a magnet for more students wanting micro-living
“Mainz has been a magnet for more and more students,” said head of asset management micro living and residential Lambros Reppas. “As the numbers increase, so does the demand for modern and needs-based living space.”
Corestate has just launched its second Youniq building in Cologne-Deutz. Once the second construction phase has been completed during 2022, it will provide an additional 13 flats and a day care centre.
A new feature is the provision of more co-living space and in Cologne-Deutz there are 32 shared flats in addition to 131 single-party flats.