CORESTATE has implemented a financing increase at very attractive long-term conditions for the Highstreet Fund of Bayerische Versorgungskammer (BVK). The fund is running on the platform of Universal-Investment. The financing, which was initially concluded in February 2018, was increased by around Euro 44 million to Euro 387 million. Landesbank Baden-Württemberg (LBBW) acted as mandated lead arranger for a consortium of banks.
Frankfurt, 11 June 2019 – CORESTATE Capital Holding S.A. (CORESTATE), a leading independent investment manager for real estate in Europe, has implemented a financing increase at very attractive long-term conditions for the Highstreet Fund of Bayerische Versorgungskammer (BVK). The fund is running on the platform of Universal-Investment. The financing, which was initially concluded in February 2018, was increased by around Euro 44 million to Euro 387 million. Landesbank Baden-Württemberg (LBBW) acted as mandated lead arranger for a consortium of banks.
Matthias Heimann, Head of Debt Finance & Debt-Financing: “Increasing this complex and large portfolio financing, including a bank consortium with five lenders, was challenging. We are therefore pleased that, as in 2018, we had LBBW at our side as a very competent and reliable partner and were once again able to structure a tailor-made financing for BVK’s Highstreet Fund.”
CORESTATE was able to expand the Highstreet portfolio, which was acquired by BVK in 2017 and comprised 90 properties at the time, to 97 properties with a total volume of around Euro 800 million.
Thomas Landschreiber, Co-Founder and Chief Investment Officer of CORESTATE: “The procurement of attractive financing by our Debt Finance Team is an important component of our integrated investment and asset management approach and therefore essential for the overall success of our projects. Having secured seven further commercial properties with good return prospects for BVK last year, we are convinced that we will be able to identify and acquire long-term attractive properties for BVK in the future as well.”
With assets under management of more than Euro 77 billion, BVK is one of the largest institutional investors in Germany. CORESTATE has been acting on behalf of the company as investment and asset manager since 2016. In addition to the commercial real estate portfolio, CORESTATE also manages a micro living portfolio for BVK with student apartment buildings worth around Euro 660 million and an agreed target volume of Euro 1.2 billion.
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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