CORESTATE will be converting its entire €17 billion portfolio managed in Germany to green electricity over the next few months. The company recently switched completely to green energy in the commercial real estate asset class (€ 3.5 billion AuM) and has digitalized its entire metering point operations. This will save 104,000 tons of CO2 already by the end of 2024.
Frankfurt/Main, August 17, 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, will be converting its entire €17 billion portfolio managed in Germany to green electricity over the next few months. The company recently switched completely to green energy in the commercial real estate asset class (€ 3.5 billion AuM) and has digitalized its entire metering point operations. This will save 104,000 tons of CO2 already by the end of 2024.
Lars Schnidrig, CEO of CORESTATE Capital Group: “CORESTATE made a commitment very early on to define quantifiable ESG objectives and to be measured by the results. The conversion of our portfolio to a CO2-neutral energy supply in conjunction with digital access to real-time data represents an important step with which we are further expanding our pioneering ESG role and making a positive contribution.” CORESTATE will publish its new fully digitalized ESG report on August 24, 2020. The report will detail the implementation of the overall strategy, as well as concrete measures and new environmental, social and governance objectives across the Group. CORESTATE thus comprehensively anticipates the increasing importance of ecological and social factors in real estate asset management. Both on the part of regulators and investors, the quantitative recording of sustainability factors and the ecological footprint is increasingly becoming the focus of investments.
As part of the operational implementation, the operating costs company Westbridge Advisory GmbH was commissioned to restructure and sustainably optimize CORESTATE’s German real estate portfolio. The portfolio can now be monitored continuously across the board and in real time, and optimization options can be effectively implemented. Stadtwerke Düsseldorf has been commissioned to supply the properties in the commercial portfolio.
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
This press release may contain forward-looking statements. Forward-looking statements are all statements that are not historical facts and events. This applies wherever there is information about future financial profitability, plans and expectations with regard to the company, growth and profitability as well as economic conditions to which the company is exposed. Statements using the words “should”, “may”, “will”, “believes”, “expects”, “assumes”, “assumes”, “estimates”, “plans”, “believes”, “to the knowledge”, “estimates” or similar expressions indicate such forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management to the best of their knowledge. Such forward-looking statements are based on assumptions and factors and are subject to uncertainties, the non-occurrence or occurrence of which may cause the actual circumstances, including the Company’s net assets, financial position and results of operations, to differ materially from or be more negative than those expressly or implicitly assumed or described in these statements. Certain forward-looking statements, while appropriate at this time, may prove to be incorrect. Various known and unknown risks, uncertainties and other factors could cause the forward-looking statements, actual results, financial position, development or performance of the Company to be materially different from those expressed or implied by such statements. Therefore, the Company and its management cannot be held responsible for the actual occurrence of the forecasted developments. It should be noted that the Company assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
