Luxembourg, 10 May 2023 – The Management Board of Corestate Capital Holding S.A. (“Corestate”) will consist of two members in the future. CFO Udo Giegerich will leave the Management Board at his own request and by mutual agreement at the end of May 2023. The Supervisory Board would like to thank Mr. Giegerich for the successful cooperation over the last two years. He has successfully driven forward the refinancing and balance sheet restructuring of the Group. The recent resolution on a simplified restructuring concept for a short-term recapitalization and significant debt reduction has given the Company a tangible perspective. The Supervisory Board wishes Mr. Giegerich much success and all the best personally. In the future, CEO Dr. Nedim Cen will be responsible for the finance department. Accordingly, the Management Board will in future consist of Dr. Nedim Cen (CEO/CFO) and Izabela Danner (COO/CIO).
Furthermore, as announced, the increase of the bridge financing from a total of € 25m to a total of € 35m could be completed, thus providing the Company with an additional € 25m as planned. In addition to the already executed extension and adjustment of the existing lock-up agreements between Corestate and a group of large noteholders and significant shareholders, a further material condition precedent from the resolution of the noteholders’ meetings on 14 April 2023 has now occurred, so that the resolutions passed there become enforceable in principle. In the second half of June, it is planned to hold a general meeting and a noteholders’ meeting for the purpose of further implementing the alternative restructuring concept.
About Corestate Capital Holding S.A. (Corestate)
Corestate is an investment manager and co-investor with € 17.2 billion in assets under management in the core business. 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 urbanization, 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 more than 400 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 Luxembourg, Frankfurt, Munich, Zurich, Paris and Madrid. Please visit www.corestate-capital.com for further information.
Forward-looking statement
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial position, development or performance of the Company and the estimates given here. These factors include those described in published reports. These reports are available on our website www.corestate-capital.com. The Company assumes no obligation whatsoever to update these forward-looking statements or to conform them to future events or developments. No inappropriate significance should be attached to forward-looking statements, which apply only to the date of this communication.
