LOGO LOGO

Back to overview

Show on Home of 02/05/2019

CORESTATE acquires office property for club deal clients in Munich

CORESTATE has acquired an office complex in Munich. The property, representing a total investment amount of approx. EUR 66 million, is to be repositioned using a “Manage-to-Core” strategy. CORESTATE will offer the property to investors as a club deal. The deal signing has already been completed, with closing scheduled for the end of March 2019.

 

CORESTATE acquires office property for club deal clients in Munich

  • Investment amount of EUR 66 million
  • Repositioning through Manage-to-Core strategy
  • Double-digit return potential

Frankfurt, 5 February 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, has acquired an office complex in Munich. The property, representing a total investment amount of approx. EUR 66 million, is to be repositioned using a “Manage-to-Core” strategy. CORESTATE will offer the property to investors as a club deal. The deal signing has already been completed, with closing scheduled for the end of March 2019.

“Through the lease agreements which are already in place, the property is generating stable cash flow,” says Thomas Landschreiber, co-founder and Chief Investment Officer of CORESTATE Capital Group. “Moreover, we see a number of opportunities to boost ongoing rental income. The investment thus offers, as a whole, an excellent starting point for further raising the property’s existing appreciation potential through our active management approach. We bring a long and proven track record in this area, and the interest among our clients for value-add holdings offering the potential for double-digit returns remains unabated.”

In managing this investment holding, CORESTATE will carry out its active asset management approach, successful over many years, using a “Manage to Core” strategy, meaning that the company is investing into properties with existing appreciation potential which may be further raised through modernisation, repositioning and new lease agreements.

The office complex has total leasable space of some 13,000 sq.m., of which roughly 75% is currently leased out to multiple individual tenants. The property offers far-ranging opportunities to create new long-term value. In addition to renovations and improvements to the existing structure, for example, leasable space will be significantly expanded through the construction of a new multi-story office pavilion on an adjacent lot belonging to the property which is currently being used as a car park but already approved for development. The plan calls for all space to be fully leased out by the end of 2020, when all of these measures are scheduled for completion, with aamundo Immobilien Gruppe serving as developer for the expansion and revitalisation project.

IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com

PR Contact
Andre Zahlten
T: +49 69 3535630-108 / M: +49 174 4022348
andre.zahlten@corestate-capital.com

About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 25bn in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 730 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.

Forward-Looking Statements
This press release may contain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at [ir.corestate-capital.com]. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

 

04/12/2019

Ad Hoc Announcement: Corestate Capital Holding S.A. resolves on implementation of second tranche of announced share buy-back programme

04/04/2019

CORESTATE acquires further value-add commercial property in Munich

CORESTATE has acquired a further value-add commercial property in Munich with an investment volume of around EUR 54 million. The value creation potential of the property will be leveraged as part of CORESTATE’s manage-to-core strategy. The deal has already been signed, closing is scheduled for the end of May 2019.

04/01/2019

Ad Hoc Announcement: CORESTATE Capital Holding S.A. resolves on share buy-back programme

The management board of CORESTATE Capital Holding S.A. with its registered office in Luxembourg, ISIN LU1296758029 (the "Company") today resolved, with the consent of the supervisory board, to make use of the authorisation to purchase treasury shares as resolved by the annual general meeting of the Company on 27 April 2018 and to purchase up to 500,000 treasury shares in the period from 1 April 2019 to (and including) 25 April 2019.