Corestate Capital Acquire CRM Students

Corestate Capital Holding has acquired the UK student accommodation management firm, CRM Students, for EUR 17m.

Frankfurt-listed Corestate has increased its assets under management by ten-fold since the end of 2016 and has now purchased CRM Students from its founder Keith White and a group of private investors.

The acquisition of CRM Students increases Corestate's managed assets by EUR 3bn. Furthermore, following the purchase, the number of beds in its micro-living segment will increase to more than 30,000.

CRM Students is one of the UK's largest student accommodation operators and is active in cities such as Lincoln, Canterbury, Liverpool and Cardiff, as well as 24 other locations nationally.

Commenting on the deal, Michael Butter, the CEO of Corestate said: "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."

"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."