Luxembourg, 26 November 2025 — Corestate Capital Holding S.A. (“Corestate” or the “Company”) has reached an agreement with investment firms holding in excess of 75% of its two outstanding Senior Notes to extend their maturities by two years. Under the agreed amendment, the interest rate on the Senior Notes will be 8%, 12% and 15% in 2026, 2027 and 2028 respectively. Supporting noteholders have executed a lock-up agreement, and creditors’ meetings to pass the formal resolutions are scheduled for December 2025. This extension provides Corestate with the necessary time to continue its asset disposal program without sales pressure and to maximize value.
Asset Disposal Program Progressing as Planned
The asset disposal program is on track and continues to develop positively. The maturity extension of the Senior Notes will enable the Company to optimize outcomes for all stakeholders by allowing additional time for asset sales. Corestate monetized EUR 29.3 million of assets in 2023 and EUR 38.9 million in 2024. Proceeds from these disposals were used to finance operational restructuring and to cover negative operating cash flow. A recent legal settlement has reduced non-core asset values by EUR 20 million. Notwithstanding this, the Company plans to monetize all remaining non-core real estate assets with an estimated value of EUR 130 million by the end of 2027. Going forward, proceeds from asset disposals will be used exclusively for interest payments and bond repayments, as the Company has achieved break-even operational cash flow.
As previously disclosed, the Company executed an early redemption of EUR 17.5 million of its Super Senior Note and expects these notes to be repaid completely in the first half of 2026.
Corestate as a Financial Holding with Clear Priorities
Following the Company’s transformation and the sale of its French asset management subsidiary STAM Europe, which closed in September 2025, Corestate is aligning its business as a pure holding company with two strategic pillars. First, it is focused on maximizing value from the non-core asset disposal program to service interest obligations and repay outstanding notes. Second, it supports the growth and further development of Hannover Leasing, the Company’s core business, which focusses on real estate asset and investment management.
Corestate’s updated forecast anticipates revenues and gains of EUR 43.9 million for the 2025 financial year, with EBITDA of EUR –5.8 million, reflecting ongoing softness in the real estate market and remaining restructuring costs. By 2028, revenues and gains are expected to be approximately EUR 45 million with EBITDA of around EUR 10 million. This trajectory reflects the strategic realignment, with proceeds from asset disposals and disciplined cost management together strengthening the Company’s financial structure on a sustainable basis. Corestate expects financial net debt of around EUR 30 million in 2028, including EUR 20 million of long-term RETT blocker liabilities, corresponding to a leverage ratio of about three times EBITDA. On this solid footing, Corestate intends by 2028 at the latest to refinance approximately EUR 25 million of outstanding senior notes.
Hannover Leasing on a Stable Growth Path
Hannover Leasing (“HL”) has been executing a strategic realignment since 2023 to accelerate its financial performance. The company is broadening its offering to include IRR- and value-oriented investment solutions for family offices and institutional investors, enabling HL to generate both recurring management fees and performance-based compensation. HL plans to sell approximately EUR 250 million of assets annually and to secure EUR 3–4 billion of new mandates over the next three years. Assets under management are expected to increase from EUR 8.4 billion in 2025 to approximately EUR 10 billion by 2028.
For 2025, HL expects revenues and gains of EUR 25.6 million and EBITDA of EUR 3.4 million. For the period 2025–2028, HL anticipates annual growth in revenues and gains of around 20%, reaching approximately EUR 45 million in 2028, driven by portfolio expansion, operational improvements, and the scaling of performance-based products. In line with this development, HL is targeting a cost coverage ratio of over 80% and EBITDA of more than EUR 15 million in 2028.
Audit and Publication of Financial Statements
The publication of the financial statements for 2022, audited by KPMG, is expected by end of November 2025, with the audited financial statements for 2023 to follow in December 2025. The annual general meeting to approve these financial statements is planned for early February 2026. The delay is due to the simultaneous audit of two financial years and the onboarding of KPMG as auditor. As a result, the audits of the 2024 and 2025 financial statements will occur later than originally anticipated and, thus, the planned listing of the new shares will be postponed to the second half of 2026.
About Corestate Capital Holding S.A.
CORESTATE is listed on the General Standard of the Frankfurt Stock Exchange. It is a holding company with the subsidiary Hannover Leasing, which operates a real estate asset and investment management platform.
For further information:
Jorg Keller
Rosenberg Strategic Communications
Mobil: +49 151 6152 7741
E-Mail: ir@corestate-capital.com oder j.keller@rosenbergsc.com
