Corestate Establishes Leading Funding Platform for Real Estate Companies

DGAP-News: Corestate Capital Holding SA / Keyword (s): Real estate / Takeover
26.05.2021 / 07:00
The issuer is solely responsible for the content of this advertisement.

Corestate Establishes Leading Funding Platform for Real Estate Companies – Aggregate Financial Services Takeover Completed

Frankfurt, May 26, 2021 – Corestate Capital Group (“Corestate”), one of the leading independent real estate investment managers in Europe, has completed the acquisition of Aggregate Financial Services GmbH (“AFS”). The newly acquired securities trading bank is to operate in the market as “Corestate Bank” in the future, with operational integration to be completed in the second quarter.

René Parmantier, CEO of Corestate: “The private real estate debt market benefits from long-lasting and sustainable drivers such as increasing regulatory requirements for banks, urbanization and demographic change. As a financing platform for the entire real estate lifecycle with recently expanded product expertise and an already leading position in the market, the future Corestate Bank will disproportionately benefit from this growth and build on its many years of success. There are also synergy effects and a cross-selling potential of at least 10 million euros per year. both the client side and the supply side of which Corestate’s real estate equity business will also benefit greatly through expanded and early access to real estate projects. “

Sebastian Ernst, founder of AFS and member of the Management Board of Corestate: “The two parties, AFS and HFS, already complement each other perfectly in terms of offers and customer structures. products and services for our customers as in the past. Johannes Märklin, also founder of AFS and member of the board of directors of Corestate, adds: “The timing of the merger is ideal. Precipitated by the crisis, traditional banks are adopting a visibly more restrictive approach to lending, but the housing shortages in many large German cities can only be tackled on a lasting basis by well-funded, large-scale projects. We are a key player in this market. “

The acquisition of AFS took place in the form of a capital increase against a contribution in kind through the issuance of 8.5 million new Corestate shares, which will be admitted to trading on the Frankfurt Stock Exchange in the coming weeks and as soon as all the preconditions are met, as well as a cash component of € 5 million. Through a three and five year lock-up agreement with their approximately 2.5 million shares, Sebastian Ernst and Johannes Märklin have decided to stay with Corestate for the long term, reaffirming their continued commitment to the company and all its stakeholders. The approximately 6 million remaining new shares are subject to a one-year block. Corestate expects a positive contribution from the acquisition of over € 15m in revenue and around € 10m in EBITDA for the current year. As expected, the costs of the acquisition amounted to between 5 and 10 million euros and have already been taken into account in the financial perspective for 2021.

Press contact
Person Jorge
T: +49 69 3535630-136 / M: +49 162 2632369
[email protected]

Investor relations contact
Mario gross
T: +49 69 3535630-106 / M: +49 162 1036025
[email protected]

About CORESTATE Capital Holding SA (CORESTATE)

CORESTATE is an investment manager and co-investor with approximately € 28 billion in assets under management. The company sees itself as a manager along the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, including the opportunity to invest in large-scale societal trends such as urbanization, demographic changes or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The constant focus on asset classes that will be successful over the long term is a cornerstone of the company’s strategy. At CORESTATE, all concepts are supported by industry-specific ESG expertise. With some 800 experts, CORESTATE offers its clients and investors a full range of services and advice from a single source, from project finance and property management to sale. CORESTATE is listed on the Frankfurt Stock Exchange (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high net worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna , Zurich, Paris, Madrid and London. Please visit www.corestate-capital.com for more information.

Forward-looking statements

This press release may contain certain forward-looking statements based on our management’s current assumptions and forecasts. Various risks, uncertainties and other known and unknown factors could cause the actual future results, financial condition, development or performance of the Company to differ materially and the estimates given here. These factors include those described in published reports. These reports are available on our website www.corestate-capital.com. The Company assumes no obligation to update these forward-looking statements or to conform them to future events or developments. No inappropriate meaning should be attached to forward-looking statements, which apply only as of the date of such communication.

05.26.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

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