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CORESTATE announces product offensive at Annual General Meeting, operating business shows fundamental strength

CORESTATE will significantly expand its product range, particularly in the Micro Living and Private Debt segments, thus taking advantage of the tailwind of an attractive domestic and European market environment. The company announced this today prior to its Annual General Meeting.

 

CORESTATE announces product offensive at Annual General Meeting, operating business shows fundamental strength

  • Expanded offer with a focus on Micro Living and Private Debt
  • Resolution on record pay out of EUR 53 million
  • Expansion of the Supervisory Board
  • Comprehensive ESG strategy with its first Sustainability Report in 2019


Frankfurt, 26 April 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, will significantly expand its product range, particularly in the Micro Living and Private Debt segments, thus taking advantage of the tailwind of an attractive domestic and European market environment. The company announced this today prior to its Annual General Meeting.

“2018 was marked by numerous transformation processes in order to further develop the company into a leading partner for real estate investors, especially from the institutional sector. In 2019, we will continue to focus on our customers, who will benefit from our product offensive. On the expansion side, we are targeting not only Germany but also the rest of Europe,” said Lars Schnidrig, CEO of CORESTATE.

CORESTATE is participating in the megatrend of urbanisation with its Micro Living and Co Living offerings. The company is the German market leader in Micro Living and plans to consistently expand its European presence this year. New major projects are being launched in Vienna, Frankfurt, Cologne and Düsseldorf, and further attractive building sites have recently been acquired in various European cities; new Co-Living projects are also in the pipeline including Berlin, Amsterdam and Rotterdam.

In addition, CORESTATE’s subsidiary HFS will broaden its Private Debt offering. The growing demand for residential space in German metropolises is already far exceeding supply, both today and in the coming years, and the demand for financing in real estate development is correspondingly high. This growth is reflected in the increase in HFS’s fund volume in the first quarter of 2019 to over EUR 1.25 billion and very stable margins. Lars Schnidrig: “In the mezzanine financing segment, we expect to see a sustained demand trend in the coming years. HFS’s market leadership gives us a decisive competitive advantage – especially when it comes to further diversifying our range of services.”

CORESTATE will publish its first Sustainability Report in the second half of 2019. The topics of ESG and transparency already play a key role for our stakeholders and investors and are a prerequisite for addressing many institutional clients. In the future, it will therefore be above all those asset managers who meet their social responsibility and can clearly document their ESG requirements who will be successful. A central element of CORESTATE’s sustainability initiative is its commitment to the United Nations Principles for Responsible Investment, or UNPRI for short.

A record distribution of nearly EUR 53 million will be proposed to today’s Annual General Meeting; at 2.50 euros per share, this corresponds to a current dividend yield of well over 6 percent. Lars Schnidrig: “Our dividend policy envisages that we will continue to pay out around half of the earnings per share in the future and that our shareholders will thus participate comprehensively in the success of the company.”

The agenda of the Annual General Meeting also includes the addition of a fourth member to the Supervisory Board. The proposed candidate is Jonathan Lurie, who brings over 20 years of experience with leading companies in the real estate industry in all major European regions and asset classes. In March, CORESTATE had already aligned its management structure for the long term with the appointment of Lars Schnidrig as CEO and the extension of Thomas Landschreiber’s management contract as CIO.

In view of this solid positioning and the sustained strength of its operating business, the company confirms its financial outlook for 2019. CORESTATE expects aggregated revenues of between EUR 285 million and EUR 295 million, EBITDA of between EUR 165 million and EUR 175 million and adjusted net profit of between EUR 130 million and EUR 140 million. The Group’s core business, Real Estate Investment Management, is expected to grow by more than 30 percent in the current financial year and thus increase the quality and sustainability of the revenue structure.

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

PR Contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
jorge.person@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.

 

05/14/2019

CORESTATE reports promising first quarter 2019 - full-year outlook confirmed

CORESTATE today announced its figures for the first quarter, showing a very convincing start to 2019. Assets under management reached EUR26 billion for the first time; real estate assets under Management rose organically by around 4 percent.

04/26/2019

Annual General Meeting approved distribution of 2.50 Euro per share

The shareholders of CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, approved all agenda items with large majorities at today´s Annual General Meeting (AGM).

04/26/2019

CORESTATE: Annual General Meeting approved distribution of 2.50 Euro per share