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CORESTATE: Lars Schnidrig new CEO / Supervisory Board to be expanded / Record result for FY2018

The Supervisory Board of CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, today appointed Lars Schnidrig its new Chief Executive Officer (CEO) and Chairman of the Management Board for four years. The 46-year-old former Chief Financial Officer has held the functions of CEO and Chairman of the Management Board on an interim basis since 31 December 2018. At the same time, the management contract of co-founder Thomas Landschreiber as Chief Investment Officer was also extended for another three years.

 

CORESTATE: Lars Schnidrig new CEO / Supervisory Board to be expanded / Record result for FY2018

  • Co-founder Thomas Landschreiber appointed CIO for another three years
  • Management structure sustainably aligned
  • Guidance 2018 exceeded: aggregated revenues, EBITDA and net profit each increased by around 50%
  • Long-term distribution policy confirmed, 25% higher dividend of EUR 2.50 proposed


Frankfurt, 21 March 2019 – The Supervisory Board of CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, today appointed Lars Schnidrig its new Chief Executive Officer (CEO) and Chairman of the Management Board for four years. The 46-year-old former Chief Financial Officer has held the functions of CEO and Chairman of the Management Board on an interim basis since 31 December 2018. At the same time, the management contract of co-founder Thomas Landschreiber as Chief Investment Officer was also extended for another three years.

“We are very pleased to have Lars Schnidrig, a high-profile candidate, serve as our CEO and thus ensure continuity in the management of the Group. As CFO of CORESTATE since July 2017, he has provided significant entrepreneurial impetus, put the Group on a very solid financial footing and accompanied the strategic transformation process with a high level of personal commitment. Together with co-founder Thomas Landschreiber, who has been a successful Chief Investment Officer for many years, he will consistently develop the company further. Thus, the management of CORESTATE Holding is sustainably oriented,” commented Micha Blattmann, Chairman of the Supervisory Board.

“CORESTATE is excellently positioned as a successful investment platform for our clients. I will now do everything in my power to further implement our ambitious growth targets. We will achieve this with innovative products, by developing new groups of investors and by pursuing an unrestricted customer focus. As in the past, we will also exploit opportunities for value-creating inorganic growth and focus on strategic partnerships. Together with Thomas Landschreiber, I intend to develop CORESTATE into the most attractive platform for real estate investments in Europe,” Chairman of the Management Board Lars Schnidrig added.

CORESTATE’s Management Board consists of Lars Schnidrig as CEO and Thomas Landschreiber as CIO. From now on, Lars Schnidrig will be responsible for the strategic orientation of the company as well as the central areas M&A, Finance, Investor Relations, Communication, Legal Affairs and Human Resources. Thomas Landschreiber will continue to be responsible for the Group’s operative business with a focus on Equity Raising and Investment Management. An experienced management team will support the Management Board on managing the Group.

Expansion of the Supervisory Board

The company is also expanding its Supervisory Board by two seats to a total of five members. The first candidate, Jonathan Lurie, has already been selected. He has more than 20 years of experience in the real estate industry with leading companies in all major European regions and asset classes. Jonathan Lurie is currently Senior Advisor, Real Estate, at McKinsey & Company and Managing Partner at Realty Corporation. Before that, he worked as Managing Director, Real Estate Asset Management at Blackstone, as Head of Real Estate Investment Management Europe at Goldman Sachs and as Director at Tishman Speyer in London and New York.

Record year 2018

CORESTATE also presented its financial figures for 2018 today. The Management Board and Supervisory Board will propose to the Annual General Meeting a dividend of EUR 2.50 per share for the past fiscal year (2018: EUR 2.00). The dividend thus confirms the company’s long-term distribution policy, which provides for shareholders to participate in around half of the company’s earnings per share as dividend.

For 2018 as a whole, CORESTATE generated aggregated revenues of EUR 292 million (+50% compared to 2017), adjusted EBITDA of EUR 184 million (+50%) and adjusted net income of EUR 135 million (+45%). Lars Schnidrig: “2018 was truly a record year for both the Group and its subsidiaries. In the end, we even exceeded the forecast we had raised in November. Earnings per share rose by around 50%, at the same time we reduced our financial leverage by half.”

The CORESTATE subsidiary Helvetic Financial Services (HFS), the leading provider of mezzanine capital for real estate developments, increased its fund volume to EUR 1.23 billion in the past fiscal year, its best fiscal year to date. “HFS's outstanding market positioning forms an excellent starting point for broadening its product range and establishing a diversified private debt platform with attractive organic growth potential. In this context, I am particularly pleased that HFS founder Norbert Ketterer has extended his mandate as Chairman of the Board of Directors for another two years and that we will continue to have one of the central driving forces and pioneers for financing solutions and real estate development on board in the coming years,” said Lars Schnidrig.

The financial outlook for 2019 is confirmed. 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 income of between EUR 130 million and EUR 140 million. The core business of the Group, Real Estate Investment Management, is expected to grow by more than 30% and thus increase the quality and sustainability of the revenue structure in the current fiscal year. “In 2018, we successfully completed the integration of our major acquisitions and delivered the best result in our company’s history. The associated Group-wide transformation has taken CORESTATE to a new, more powerful level. We are thus ideally equipped to meet the challenges of the coming years – first and foremost to reach our ambitious operating targets,” concluded Thomas Landschreiber.

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.

 

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.