CORESTATE Capital Holding S.A. (“CORESTATE”), a fully integrated real estate investment manager based in Luxembourg, announces its forecast for the 2016 financial year. Based on the business development over the past months, the Management Board anticipates consolidated revenue of at least Euro 53.5 million for the year as a whole and net income for the year of at least Euro 17.7 million, significantly exceeding the previous year’s result. The Management Board intends to propose to the Supervisory Board and the Shareholders’ Meeting that a dividend amounting to around 70% of the annual profit will be paid.
CORESTATE is observing growing demand particularly from institutional partners for comprehensive investment management solutions. Bayerische Versorgungskammer (BVK), one of Germany’s biggest institutional investors, and CORESTATE thus announced the formation of a joint special fund at the end of October. The new “BVK Residential Europe Real Estate Fund CORESTATE” is aiming for a total volume of at least Euro 500 million and will primarily invest in micro-apartments. The extent of existing mandates could also be expanded by the purchase of retail portfolios and the growth of the micro living / student living segment. Together with other property and asset management mandates, a solid foundation for a successful year 2017 has already been created.
Sascha Wilhelm, Chief Executive Officer of CORESTATE, comments: “Over the past years, CORESTATE has developed into an internationally established real estate investment manager that is successful across all risk categories of real estate investment products. We are consistently setting new standards with innovative products. With this approach, we are increasingly winning institutional investors and thereby establishing a basis for further healthy corporate growth. We are confident that we can significantly increase the volume of our assets under management.”
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for 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, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. 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.
Forward-looking statements
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