CORESTATE achieved significant organic growth in the first six months of the year and increased its Assets under Management in Real Estate core business by about Euro 900 million. Dr. Michael Bütter, CEO: “We are pleased with the very good business development throughout the Group, especially at our subsidiaries Helvetic Financial Services (HFS) and Hannover Leasing, which will make sustainable and stable contributions to earnings following their acquisitions in 2017 with their specialized business models.”
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, achieved significant organic growth in the first six months of the year and increased its Assets under Management in Real Estate core business by about Euro 900 million.
Dr. Michael Bütter, CEO: “We are pleased with the very good business development throughout the Group, especially at our subsidiaries Helvetic Financial Services (HFS) and Hannover Leasing, which will make sustainable and stable contributions to earnings following their acquisitions in 2017 with their specialized business models. The cornerstone for this is our comfortable “pipeline” of potential transactions of around Euro 5.7 billion.”
In the first six months of the year, CORESTATE generated aggregated revenues of Euro 125.8 million; a year ago, that figure was Euro 48 million. Adjusted EBITDA in the first half of 2018 tripled year-on-year to Euro 77.7 million (Euro 26 million). Adjusted net profit for H1/2018 amounted to Euro 60.9 million, an increase of +167% on H1/2017 (Euro 22.8 million).
Lars Schnidrig, CFO: “The solid results in the first half of the year impressively document our business model’s sustainable revenue structures. We are well on track to meeting our full-year financial outlook and will also achieve further improvement in the debt ratio on the balance sheet side by the end of the year.”
Against this backdrop, the company confirms its financial forecast for the full year 2018 with aggregated revenues of Euro 230 million to 240 million, adjusted EBITDA of Euro 155 to 165 million and adjusted net profit of Euro 120 million to 130 million.
Michael Bütter continues: “CORESTATE stands for stable value development and outstanding performance. Over the past 24 months, we have innovatively expanded our product range to increasingly attract new investor Groups. Additional regulatory expenses burden the operating profitability of smaller asset managers, which opens up strategic acquisition opportunities for us. We will also use our extensive experience in micro living and serviced apartments for a new product line addressing decisive changes in urbanization, mobility and demographic change. We are internationalising both on the product side and on the operational level. Our strong product pipeline in conjunction with our broad customer base gives us a very positive outlook for the second half of the year”.
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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