CORESTATE presented its 2019 Annual Report today, confirming the preliminary results that had already been published. Fund assets under management (AuM), including the STAM Europe acquisition, amount to around EUR 28 billion, while real estate AuM grew organically by around 10% in 2019. During this period, the company generated revenues of EUR 303.4 million (previous year: EUR 292.2 million), EBITDA of EUR 175.0 million (previous year: EUR 174.1 million) and adjusted net income of EUR 130.3 million (previous year: EUR 135.3 million). In view of various positive one-off effects, the figures from 2018 are only comparable with those from 2019 to a limited extent.
Frankfurt, 24 March 2020. CORESTATE Capital Holding S.A. (Corestate), a leading independent investment manager for real estate in Europe, presented its 2019 Annual Report today, confirming the preliminary results that had already been published. Fund assets under management (AuM), including the STAM Europe acquisition, amount to around EUR 28 billion, while real estate AuM grew organically by around 10% in 2019. During this period, the company generated revenues of EUR 303.4 million (previous year: EUR 292.2 million), EBITDA of EUR 175.0 million (previous year: EUR 174.1 million) and adjusted net income of EUR 130.3 million (previous year: EUR 135.3 million). In view of various positive one-off effects, the figures from 2018 are only comparable with those from 2019 to a limited extent.
Lars Schnidrig, CEO of CORESTATE Capital Group: “Our figures and the record results for 2019 underscore our solid position in a growing market. We are weatherproofed by our long-term financial instruments with maturities until at least the end of 2022, our healthy balance sheet structure and efficient and IT-based processes. I am delighted that we have made significant structural improvements to the company in recent quarters, while at the same time achieving or exceeding our ambitious growth targets on the customer and earnings side.”
The Supervisory Board will be replaced on a regular basis at the 2020 Annual General Meeting; in addition, the Supervisory Board is to be expanded by one additional seat to five members. The company proposes the following candidates:
• Dr Georg Allendorf, former Managing Director of DWS Real Estate (as Chairman of the Supervisory Board),
• Timothy Blackwell, former Head of Real Estate Investment Management at Credit Suisse Asset Management and Head of Europe at UBS Asset Management (as Deputy Chairman of the Supervisory Board),
• Olaf Klinger, Chief Financial Officer of Symrise AG (as Chairman of the Audit Committee),
• Dr. Gabriele Apfelbacher, capital market law expert and former partner at the law firm Cleary Gottlieb Steen & Hamilton LLP,
• Marc Driessen, former Managing Director of Hansainvest and member of the Management Board of HSH Real Estate.
The Annual General Meeting scheduled for 29 April 2020 must be postponed to a later date due to the corona pandemic. As previously announced, the company continues planning to increase the distribution to EUR 2.60 per share (previous year: EUR 2.50 per share). The formal proposal for the appropriation of profits will be published in the notice convening the Annual General Meeting 30 days before the new date.
Lars Schnidrig, CEO of CORESTATE Capital Group: “Our attractive product range with a focus on urban living and lifestyle meets with the spirit of the times and the high interest of investors in Europe and beyond. This, combined with the unabated demand for investment in the real estate sector, gives us tailwind for the current year, despite the special situation we are currently in.”
The company therefore continues to expect aggregated revenues of between EUR 325 million and EUR 335 million, an EBITDA of between EUR 180 million and EUR 190 million and an adjusted net income of between EUR 145 million and EUR 155 million for 2020. Corestate also maintains its expectation of organic growth in fund assets under management of between 5% and 10%. However, the extent and impact of the corona pandemic on the course of business in 2020 cannot yet be conclusively assessed. The company is therefore monitoring further developments and their impact on business activities very closely and will always present reliable information transparently in a timely manner.
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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