Today the management board of CORESTATE decided to announce its outlook for the financial year 2018. The Company expects Aggregate Revenues and Gains of at least Euro 230 million, an Adjusted EBITDA of at least Euro 145 million and an Adjusted Net income of at least Euro 110 million. Additionally, the Company intends to take the next step as a public company and intends to apply for the admission to trading on the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) in Q4 2017.
Today the management board of CORESTATE Capital Holding S.A. (“CORESTATE” or the “Company”), a fully integrated investment manager and co-investor based in Luxembourg, decided to announce its outlook for the financial year 2018. The Company expects Aggregate Revenues and Gains of at least Euro 230 million, an Adjusted EBITDA of at least Euro 145 million and an Adjusted Net income of at least Euro 110 million. CORESTATE expects that approximately 85%-90% of expected Aggregate Revenues and Gains will be derived from recurring fee income, a significant increase from previous years. Furthermore, the Company confirms its guidance for 2017 with an Adjusted Net Income of Euro 85-90 million.
CORESTATE is well on track with respect to the integration of the recently acquired Helvetic Financial Services AG (“HFS”) and Hannover Leasing Group (“HL”) and gained further visibility on the organic growth opportunities.
The positive outlook for 2018 is based on the impact of full-year consolidation of the newly acquired companies, bindingly and non-bindingly committed further fund inflows and a tangible identified acquisition pipeline of Euro 4.9 billion, resulting in a larger fee generating AuM base and an increase in recurring revenues. The financial outlook does not take into consideration the Company’s inorganic growth strategy of acquiring additional Asset Managers.
CORESTATE posted significant organic growth with a transaction volume of more than Euro 1.4 billion in H1 2017 increasing the asset base further and underpinning the efficiency of its well-established sourcing and acquisition network in a favourable real estate market environment.
Additionally, the Company intends to take the next step as a public company and intends to apply for the admission to trading on the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) in Q4 2017, which was resolved by the management board today. A Prime Standard listing is expected to enhance the visibility and marketability of the Company’s shares, enable the Company’s shares to be included in selected stock indices, underscore the Company’s ambition to benefit from the high demands of the Prime Standard and is in line with the Company’s objective to increase liquidity of the shares. In connection with the Prime Standard listing the Company will, subject to approval by the competent regulator, publish a prospectus which will include, among other things, pro-forma financials for the period ending 30 June 2017 reflecting the acquisitions of HFS and HL.
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
This press release may contain forward-looking statements. Forward-looking statements are all statements that are not historical facts and events. This applies wherever there is information about future financial profitability, plans and expectations with regard to the company, growth and profitability as well as economic conditions to which the company is exposed. Statements using the words „should“, „may“, „will“, „believes“, „expects“, „assumes“, „assumes“, „estimates“, „plans“, „believes“, „to the knowledge“, „estimates“ or similar expressions indicate such forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management to the best of their knowledge. Such forward-looking statements are based on assumptions and factors and are subject to uncertainties, the non-occurrence or occurrence of which may cause the actual circumstances, including the Company’s net assets, financial position and results of operations, to differ materially from or be more negative than those expressly or implicitly assumed or described in these statements. Certain forward-looking statements, while appropriate at this time, may prove to be incorrect. Various known and unknown risks, uncertainties and other factors could cause the forward-looking statements, actual results, financial position, development or performance of the Company to be materially different from those expressed or implied by such statements. Therefore, the Company and its management cannot be held responsible for the actual occurrence of the forecasted developments. It should be noted that the Company assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
