Corestate Capital Holding SA said it acquired the U.K.'s largest independent student accommodation management company for approximately €17 million.

The European real estate investment manager bought CRM Students Ltd. from founder Keith White and a group of private investors in a deal that boosts Corestate's assets under management to €25 billion from €22 billion and grants it market entry in the U.K. CRM has 23,000 beds across 145 locations in the U.K.

Corestate CEO Michael Bütter said in a statement that the company aims to become Europe's leading provider for micro-living and student accommodation, noting that it is already the sector leader in Germany. The company funded the acquisition entirely from its free cash flow.

CRM CEO Stewart Moore and his management team will continue to lead the company's business activities, while White will serve as nonexecutive chairman.