CORESTATE makes further move into serviced apartment segment

Luxembourg-headquartered and German-listed CORESTATE Capital has been entering new business segments on what seems like an almost quarterly basis for so long now that we shouldn’t be surprised to hear about the group’s latest thrust into a growing niche market.

This time it’s the launch of JOYN, an expansion of the group’s micro-living platform, which is a new product line for serviced apartments. CORESTATE says that JOYN is specifically geared to business travelers, project workers and commuters, who have higher demands on furniture and service than a traditional hotel environment is able to provide.

Thomas Landschreiber, co-founder and CIO of CORESTATE, says: “With JOYN we’re providing our clients with a luxury alternative within the booming asset class micro-living. This is what makes our offer unique in Europe. We expect strong demand from tenants and investors. By a continuous expansion of our product portfolio in this segment, we’re providing our clients with a broad variety of investment opportunities in a trendsetting asset class and, concurrently, enhance the earnings base of CORESTATE Capital Group.”

The company has already bought the first eight JOYN houses for about €500m, securing more than 1,100 beds for its clients. The first two serviced-apartment properties recently opened in Munich, comprising in total 315 serviced apartments. Further buildings in Germany (Cologne, Düsseldorf, Hamburg, Frankfurt), Austria (Vienna) and Switzerland (Zurich) are currently under development and other European cities will be successively added.

CORESTATE now has three micro-living brands in its stable – YOUNIQ (in which it was an early innovator on the German market), Linked Living, and now JOYN. Additionally, we reported in December last year on the group’s co-operation with Medici, which bills itself as Europe’s leading co-living service provider. All told, CORESTATE now has over 30,000 units in the micro-living segment.