CORESTATE is purchasing a 100% stake in ATOS Group (ATOS). Founded in 2006, ATOS is an owner-managed real estate company that specializes in the asset management of commercial properties in Germany and Austria. The company manages a portfolio of 215 assets in more than 150 cities valued at c. Euro 2bn.
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated real estate investment manager and co-investor headquartered in Luxembourg, is purchasing a 100% stake in ATOS Group (ATOS). Founded in 2006, ATOS is an owner-managed real estate company that specializes in the asset management of commercial properties in Germany and Austria. The company manages a portfolio of 215 assets in more than 150 cities valued at c. Euro 2bn. Over the past five years, ATOS realized a transaction volume of Euro 2.1bn. Headquartered in Hamburg, Germany, the company employs 65 people at 12 locations in Germany and Austria. CORESTATE Group’s assets under management are expected to amount to c. Euro 22bn at year end.
The two founders of ATOS, Udo Stocker and Dr. Dr. Michael Hermes, will assume the overall management and coordination of the CORESTATE Group’s asset management business. Udo Stocker has more than 20 years of experience in the property market specializing in Project Development and asset management. In 1999, in conjunction with Peabody, he led the management buyout of HPE and sold the Group to GE Capital in 2005.
Dr. Dr. Michael Hermes has over 14 years of experience in real estate and management. He began his career with the Boston Consulting Group, where he managed consulting projects in various sectors, although primarily in the real estate industry. Later, he was responsible for the property business of Viterra. Following the sale of the company to financial investor Terrafirma and the merger with Deutsche Annington, he then headed the German property investment unit of Cerberus.
The purchase price for ATOS was not disclosed, however, it is less than 5 times its 2018 expected net income.
The ATOS Group manages two separate funds for German institutional investors for commercial real estate which will be expanded after integration of ATOS into the CORESTATE Group.
Sascha Wilhelm, CEO of CORESTATE: “The acquisition of ATOS is in line with of our strategy to integrate interesting, undervalued asset managers. In addition, there is an important strategic component of the transaction because it boosts our management team, positioning us well to drive superior performance for our investors. The current ATOS Managing Directors, Udo Stocker and Dr. Dr. Michael Hermes, will jointly lead the real estate asset management operations of the CORESTATE Group. Moreover, we like the stable and recurring earnings of ATOS in combination with interesting synergy potentials regarding the cost optimization in the Group. The accretive effect for our shareholders is positive and the future earnings from this inorganic growth are not included in our current financial outlook for 2018.”
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.
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