CORESTATE announced today its preliminary figures for fiscal year 2019, according to which real estate assets under management grew organically by approximately 10.1 percent and reached the record level of EUR c 22.8 billion. The assets under management (AuM), i.e. including nonreal estate assets, rose to EUR c 26.3 billion. The acquisition of STAM Europe, completed in January, added a further EUR 2 billion in real estate AuM, with the aggregate total today being EUR c 28.3 billion.
Frankfurt, 25 February, 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, announced today its preliminary figures for fiscal year 2019, according to which real estate assets under management grew organically by approximately 10.1 percent and reached the record level of EUR c 22.8 billion. The assets under management (AuM), i.e. including nonreal estate assets, rose to EUR c 26.3 billion. The acquisition of STAM Europe, completed in January, added a further EUR 2 billion in real estate AuM, with the aggregate total today being EUR c 28.3 billion.
All relevant financial ratios are above or within the forecast for fiscal year 2019, with aggregated revenues rising to the record level of EUR c 303 million (previous year EUR 292 million), EBITDA of EUR c 175 million (previous year EUR 184 million) and adjusted net income of EUR c 131 million (previous year EUR 135 million). In view of various positive one-time effects, the previous year’s figures are only comparable to a limited extent. The leverage ratio (net financial debt to EBITDA) was c 2.7x at the end of 2019. The company plans to increase its dividend to EUR 2.60 per share (previous year EUR 2.50).
Lars Schnidrig, CEO of CORESTATE: “We look back on another fast-growing and eventful fiscal year 2019, in which we clearly achieved our ambitious sales and earnings targets. In addition, we managed to fundamentally develop and enhance our internal structures and processes over the past year as part of a major transformation process. Tangible examples include the implementation of a comprehensive ESG strategy, the broad internationalization of our business model, and the great successes in acquiring new institutional customers. Like in previous years and as part of our clear shareholder value orientation, we wish our shareholders to take part in these successes. Therefore, we are planning to increase the dividend to EUR 2.60 per share – this currently equates to an attractive yield of around 6%.”
The company’s Supervisory Board has appointed Nils Huebener to the Management Board as successor to Thomas Landschreiber in the role of Chief Investment Officer as of 1 April, 2020. Huebener was previously CIO at BNP Paribas Investment Management, responsible for global real estate investment and asset management. Prior to that, he was Head of Real Estate Management at SEB Asset Management with global responsibility for real estate transactions and asset management as well as Head of Real Estate Transactions for Western and Southern Europe at Deutsche Bank subsidiary DB Real Estate. Micha Blattmann, Chairman of the Supervisory Board: “We are particularly pleased that, in Nils Huebener, we have been able to hire a high profile and successful investment manager with a broad institutional background, from whom significant impetus will certainly emanate in the future.”
Blattmann then adds: “As co-founder and CIO, Thomas Landschreiber was one of the most important drivers of the company’s success. He has played a decisive role in shaping CORESTATE at the product, customer and transaction levels. He deserves all our thanks and recognition for this, as well as for his willingness to continue to make his experience and network available to the company.”
The prospering market environment is characterized by urbanization, demographic changes and growing environmental awareness. Institutional clients, who are increasingly searching for profitable real estate investments, are benefitting from the products CORESTATE has been placing for years, time and again, tailor-made to the market. Against this backdrop and in view of a promising start to the year, the company expects significant growth in 2020 and anticipates aggregated revenues in the range of EUR 325 million to EUR 335 million, EBITDA of between EUR 180 million and EUR 190 million and adjusted net profit of between EUR 145 million and EUR 155 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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