Corestate invests €30M on new student residence

Corestate invests €30M on new student residence

This investment should increase the student accommodation offer in the city with 280 new beds, according to what Christopher Hütwohl, the company’s general manager for Spain, told daily newspaper Eje Prime, and he further advanced that this offer should only be placed on the market in 2023.

This new residence will be developed near the city’s university centres and will have a total built area of 9.700 sqm. Besides accommodation, this unit will also offer several common areas, such as study rooms, a gym, a terrace with a garden, a film theatre and a coworking area. For now, the green light is expected for the construction works to start.

This will be one more residence from the Luxembourg management company operating under the brand Youniq, which in Spain is already active in Seville. From 2022, Youniq should open 3 more: in Barcelona, Valencia and Salamanca. In order to maximize revenues, Corestate is pondering using this unit for tourist accommodation during the Summer, given that «the city receives a large influx of tourists», revealed Christopher Hütwohl to the daily newspaper.

Until the end of the year, Corestate plans to invest 150 million euro, but its Spanish general manager admits that these investments are dependent on how the pandemic will evolve.

In February Corestate announced its strategy for the country, which included investing 300 million euro on the student residence segment between 2020 and 2022. If this comes to fruition, the student accommodation offer should reach a total of 3.300 beds.

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