CORESTATE acquires UK's largest independent student accommodation provider and continues on growth c ...
CORESTATE acquires UK's largest independent student accommodation provider and continues on growth course
DGAP-News: CORESTATE acquires UK's largest independent student accommodation provider and continues on growth course
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Takeover
CORESTATE acquires UK's largest independent student accommodation provider
CORESTATE Capital Holding S.A. (CORESTATE), a leading European investment manager for real estate, acquires CRM Students Ltd. (CRM), the largest independent student accommodation management company in the UK, for approximately EUR 17 million. Thus, CORESTATE's assets under management increase from EUR 22 billion to EUR 25 billion. The acquisition has been financed entirely from CORESTATE's free cash flow.
"We are aiming to become Europe's leading provider for micro-living and student accommodation, a market that is growing dynamically. We are already holding the top position in Germany. By acquiring CRM, we are bringing a prominent international partner on board," says Dr. Michael Bütter, CEO of CORESTATE. "CRM will become part of our multi-boutique platform, granting us market entry in the UK. Furthermore, the comprehensive expertise in international student accommodation operations will open up additional synergies. Through CRM's project pipeline, we will gain access to additional investment opportunities in interesting European university cities. By using these opportunities, we want to continue our growth."
"CRM is a highly professionalised real estate manager in the micro-living segment and maintains a broad and attractive customer base. With their specialised business model, CRM delivers stable, long-term and predictable profit contributions, and perfectly rounds off the sustainable revenue structures of our business model. Already today, clearly above 80% of our revenues are recurrent in nature," Bütter adds.
CRM advises customers such as universities as well as institutional and semi-professional investors from the concept stage of a project to marketing and the long-term management of real estate assets. CRM thereby ideally complements CORESTATE's existing micro-living offering - both in terms of regions and concepts.
CORESTATE is the market leader in micro-living investments in Germany. Under the brands YOUNIQ, LinkedLiving and Upartments, the company is playing an active role in the student accommodation, serviced-apartments and business-apartments segments. It covers the entire range of real estate investment services, from acquisition and sales, financing and property development to professional management.
Apart from the location, operator quality is the decisive success factor in the micro-living segment. By acquiring CRM, CORESTATE has significantly boosted its service profile in the international student accommodation segment. CORESTATE unifies broad asset management competencies with a strong expertise in property management for an effective national and international asset marketing, thus ensuring high utilisation rates.
About CORESTATE Capital Holding S.A.
|Company:||Corestate Capital Holding S.A.|
|4, Rue Jean Monnet|
|Phone:||+49 69 3535630-107|
|Fax:||+49 69 3535630-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|