CORESTATE has received a loan facility with a volume of Euro 343m from Stuttgart-based landesbank LBBW (Landesbank Baden-Württemberg). The facility will be used to finance the seed portfolio of the high-street fund managed on behalf of Germany’s largest pension fund BVK (Bayerische Versorgungskammer).
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, has received a loan facility with a volume of Euro 343m from Stuttgart-based landesbank LBBW (Landesbank Baden-Württemberg). The facility will be used to finance the seed portfolio of the high-street fund managed on behalf of Germany’s largest pension fund BVK (Bayerische Versorgungskammer). Since mid-2017, CORESTATE holds the asset-management mandate for the Euro 687m portfolio, which was launched on Universal-Investment’s platform. The portfolio encompasses 90 assets across Germany, which CORESTATE originally acquired and held in several portfolios in its club deal programme.
The debt facility has an attractive fixed interest rate and a maturity of 10 years. “We did not only manage to achieve an attractive interest rate in the current volatile credit market environment but additionally took the interest rate risk out of the equation for the BVK portfolio,” commented Lars Schnidrig, CFO of CORESTATE, on the transaction.
Overall, CORESTATE manages a portfolio of 200 high-street assets with a total investment volume of over Euro 2bn in German mid-sized cities.
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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