CORESTATE today announced its figures for the first quarter, showing a very convincing start to 2019. Assets under management reached Euro 26 billion for the first time; real estate assets under Management rose organically by around 4 percent.
Frankfurt, 14 May 2019 – CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, today announced its figures for the first quarter, showing a very convincing start to 2019. Assets under management reached Euro 26 billion for the first time; real estate assets under Management rose organically by around 4 percent.
In the first three months of 2019, the company generated adjusted revenues and gains of Euro58.6 million (Q1/2018: Euro61.9 million), an EBITDA of Euro38.7 million (Q1/2018: Euro38.8 million) and an adjusted net profit of Euro26.3 million (Q1/2018: Euro34.7 million). Net profit amounted to Euro21 million (Q1/2018: Euro28.5 million).
“Our operating business shows fundamental strength at all levels. In addition to our existing business, we are currently preparing a number of new placements at the markets, such as several Micro Living products, the expansion of our private debt offering and regional residential real estate funds in booming German metropolitan areas,” commented Lars Schnidrig, CEO CORESTATE.
The CORESTATE subsidiary Helvetic Financial Services (HFS), the leading provider of mezzanine capital in real estate development in Germany, recorded one of the most successful quarters since the company was founded and exceeded the Euro1.25 billion fund volume mark for the first time at the end of March 2019. Since its acquisition by CORESTATE, HFS has made a substantial contribution to the Group’s sales. With its investment focus on residential real estate in major German cities, HFS is ideally positioned to benefit from the sustained excess demand in order to continue the growth with stable margins achieved to date.
In the first quarter of 2019, CORESTATE again placed particular emphasis on accelerating the implementation of its ESG strategy. Large foreign customers in particular expect transparency and sustainability – here the Group has a clear competitive advantage due to its size and institutionalized processes, which CORESTATE will exploit in the coming years.
Lars Schnidrig: “Thanks to the market, we were able to invest our capital in the first quarter efficiently in products to be placed for the benefit of our stakeholders. Our capital strength allows us to make effective use of market opportunities. In addition, we have sufficient financial scope for further external growth with which we can develop new customers, new products or new regions.”
In view of this solid development, the company is confirming its financial outlook for the full year 2019: CORESTATE expects aggregated revenues and gains of between Euro285 million and Euro295 million, an EBITDA of between Euro165 million and Euro175 million and an adjusted net profit of between Euro130 million and Euro140 million.
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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