Corestate Capital Holding S.A. (“Corestate”) has a new anchor investor, Vestigo Immobilien Investments Limited Partnership (“Vestigo”). Since 27 November 2020, Vestigo owns around 9.9% of the share capital of the Company. In the context of the investment of Vestigo as well as further investors, all previous members of the Supervisory Board resigned from office with immediate effect.
Luxembourg, 30 November 2020 – Corestate Capital Holding S.A. (“Corestate”) has a new anchor investor, Vestigo Immobilien Investments Limited Partnership (“Vestigo”). Since 27 November 2020, Vestigo owns around 9.9% of the share capital of the Company. In the context of the investment of Vestigo as well as further investors, all previous members of the Supervisory Board resigned from office with immediate effect.
As proposed by Vestigo and to implement a strategic development of the Company, the former DEXIA-CEO Friedrich Munsberg, Prof. Dr Hermann Wagner, previously Partner at the auditing firms KPMG and EY, as well as the former Board Member of the DekaBank Dr Friedrich Oelrich, were unanimously appointed as new members of the Supervisory Board. Mr Friedrich Munsberg takes over the function of the Chairman of the Supervisory Board. Prof. Dr. Hermann Wagner has been elected as Deputy Chairman of the Supervisory Board and also as Chairman of the Audit Committee.
The new Supervisory Board provides a highly-complementary combination of seasoned professionals with deep knowledge and institutional standing within the real estate and finance sectors.
Friedrich Munsberg is an experienced and highly regarded real estate finance expert. He has many years of management experience, including as CEO of Dexia Kommunalbank Deutschland AG and previously as a Member of the Management Boards of Düsseldorfer Hypothekenbank AG and Münchener Hypothekenbank eG.
Prof. Dr. Wagner was an auditor for 25 years in Big 4 auditing companies and most recently partner and Executive Board Member of Ernst & Young responsible for global financial services. He is currently amongst others member of Aareal Bank AG’s Supervisory Board member and chairman of the Audit Committee of Aareal Bank AG, member of the Supervisory Board of PEH Wertpapier AG Deutschland. Wagner also lectures Accounting and Business Management at the Frankfurt School of Finance and Management and is a Member of the Scientific Advisory Board of the Financetrainer Research Institute.
Dr. h.c. Friedrich Oelrich has extensive experience in the real estate finance and held top management positions in the savings banks and cooperative sector. Amongst others, he was a Member of the Board of DekaBank AG for more than 12 years. Oelrich is currently, among other things, Chairman of the Supervisory Board of ACTRON AG.
„The new Supervisory Board is looking forward to work together in a close and trustworthy manner with the management team of Corestate”, says Friedrich Munsberg.
“On behalf of the outgoing Supervisory Board, I want to extend my thanks to the Management Board for the good cooperation and the successful strategic development of the Company”, says Dr. Georg Allendorf, Chairman of the Supervisory Board. “The Company has become institutionalized and has created a stable base to benefit from a significant upturn of the real estate market.”
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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