Corestate Capital Holding S.A.: Corestate extends Management Board and appoints Klaus Schmitt as new Chairman of the Management Board (CEO) - Lars Schnidrig leaves Management Board with effect as of 31 December 2020

Corestate Capital Holding S.A.: Corestate extends Management Board and appoints Klaus Schmitt as new Chairman of the Management Board (CEO) - Lars Schnidrig leaves Management Board with effect as of 31 December 2020

Luxembourg, 6 October 2020 - The Supervisory Board of Corestate Capital Holding S.A. today appointed Mr Klaus Schmitt with effect as of 1 January 2021 for a term of 3 years as new Chairman of the Management Board (CEO) of the Company and announces that the Management Board will be expanded to four members. The 55-year old Schmitt will take over the position as Chairman of the Management Board from Lars Schnidrig, who is leaving the Company on 31 December 2020 with the best mutual agreement and at his own request to take on a new professional challenge. The Supervisory Board today also appointed Daniel Löhken to the Management Board as Chief Legal and HR Officer; a Management Board member for the finance department will be appointed soon.

Klaus Schmitt has around 25 years of experience in the real estate industry and was member of the Management Board of Patrizia AG for more than 14 years. Daniel Löhken, born 1978, has so far been responsible for Legal, Compliance, Risk Management, Human Resources and Internal Audit within the Corestate Group.

The strategic direction of the Company, the debt reduction course and the financial outlook for the current year, which was adjusted in September for the effects of the COVID-19 pandemic, are confirmed unchanged. Accordingly, Corestate expects aggregated revenues and gains between € 185m and € 210m, EBITDA between € 55m and € 80m and adjusted net profit between € 25m and € 50m. In addition, the Company confirms its goal of reducing the ratio of net financial debt to EBITDA to below 3.0x in 2021.

Further details on the performance measures used are available on our website at https://corestate-capital.com/wp-content/uploads/2019/05/KPI-E-eng.pdf.

Notifying person:
Dr Kai Gregor Klinger
Chief Markets Officer
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com