CORESTATE today announced solid figures for the first half year of 2019. Real estate Assets under Management (AuM) rose organically by around 4.4 percent, reaching €21.6 billion for the first time. Including the non-real-estate portfolio, the entire AuM amounted to €26 billion.
Frankfurt, 13 August 2019 – CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, today announced solid figures for the first half year of 2019. Real estate Assets under Management (AuM) rose organically by around 4.4 percent, reaching €21.6 billion for the first time. Including the non-real-estate portfolio, the entire AuM amounted to €26 billion.
“Our operations remain under full steam, and all our subsidiaries delivered to our good half-year results, benefitting from a favorable market environment. Especially, but not only our micro living segment is sought after by a growing number of clients,” commented Lars Schnidrig, CEO of CORESTATE.
In the first six months of 2019, the company generated adjusted revenues and gains of €121 million (H1/2018: €125.8 million), an EBITDA of €68.9 million (H1/2018: €69.1 million) and an adjusted net profit of €47.8 million (H1/2018: €60.9 million). Net profit amounted to €36.9 million (H1/2018: €42.8 million). Differences to previous´ year are mainly due to slight seasonal fluctuations.
On 8 August, CORESTATE announced the acquisition of the French investment manager STAM Europe, Paris with €1.9 billion AuM. Closing of the transaction is subject to approval of the French regulatory authority and is expected in the fourth quarter of 2019. This paves for CORESTATE the way to selected locations and asset segments in France as well as to new institutional clients. The CORESTATE Group is thus taking another important step towards becoming the leading European real estate platform as part of its comprehensive growth strategy.
As typical for the first six months of 2019, CORESTATE used its balance sheet for clients to enable further effective growth in the second half of the year. This also led to a short-term rise in the leverage ratio (Net Financial Debt to EBITDA), which will get reduced again significantly in the upcoming months – for the fiscal year 2019 the Company confirmed the target ratio of between 2x and 3x.
CEO Lars Schnidrig: “We are constantly winning new customers, our tangible sourcing pipeline of around €6 billion remains on a very high level and we are starting now to harvest the fruits of our broad ESG initiative – these are just a few reasons why we are looking very optimistically into the future. We are completely in-line with our seasonal budgets and expect especially our acquisition related fees and our promote fees to pick up in the second half of 2019.”
Against this backdrop, the company fully confirms its financial forecast for the full year 2019 of aggregated revenues of €285 to 295 million, adjusted EBITDA of €165 to 175 million and adjusted net profit of €130 to 140 million.
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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