The Corestate Capital Holding S.A. annual general meeting has today resolved to adopt all of the agenda items with a very clear majority. Among other matters, the offices of the current Supervisory Board members Friedrich Munsberg (Chairman), Professor Hermann Wagner (Deputy Chairman) and Dr. h.c. Friedrich Oelrich have been confirmed.
Frankfurt am Main, 28 June 2021. The Corestate Capital Holding S.A. annual general meeting has today resolved to adopt all of the agenda items with a very clear majority. Among other matters, the offices of the current Supervisory Board members Friedrich Munsberg (Chairman), Professor Hermann Wagner (Deputy Chairman) and Dr. h.c. Friedrich Oelrich have been confirmed.
Chairman of the Supervisory Board, Friedrich Munsberg, says: “The past year has not been easy for Corestate, yet important decisions have been made since then for the successful future of the company. The significant strategic improvement of our presence and our products made by the new management at the start of the year will soon pay off. And that is why my colleagues and I are happy about the clear level of confidence our shareholders have in the work of the Supervisory Board, which we will continue for their benefit.”
CEO René Parmantier adds: “The key drivers in our core markets, and particularly in private debt, have remained intact and show signs of highly attractive growth prospects. Over the coming months and quarters, but also in the long term, our very effective set-up in terms of strategy and personnel will have a noticeably positive impact and we will again generate significant growth and profitability.
Only a few days ago, AFS – which was taken over at the beginning of the year – secured a record-breaking project funding, one of the highest throughout Germany, of over one billion euros as part of the Fürst project on Berlin’s Kurfürstendamm.
CEO Parmantier: “Our real estate financing now appears on the market as ‘Corestate Bank’ and we are convinced that this will provide a further substantive and sustainable boost for our integrated business model focused on the needs of our investors. Based on all of this, we are today re-confirming our financial outlook for the whole year, with consolidated aggregated revenues and gains of between € 235m and € 260m, adjusted EBITDA of between € 90m and € 115m, adjusted net profit of between € 50m and € 70m, as well as our goal of reducing the ratio of net financial liabilities to adjusted EBITDA to under 3x by the end of 2021.”
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 830 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 and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
Forward-looking statements
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