Corestate Capital Holding S.A.

  • WKN: A141J3
  • ISIN: LU1296758029
  • Land: Großherzogtum Luxemburg

Nachricht vom 25.02.2020 | 07:00

2019 preliminary results: CORESTATE with record sales and strong operating performance

DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Preliminary Results
25.02.2020 / 07:00
The issuer is solely responsible for the content of this announcement.

2019 preliminary results: CORESTATE with record sales and strong operating performance

  • Real Estate AuM reached another record level with organic growth of c 10%
  • Aggregated revenues exceeded EUR 300 million for the first time; EBITDA at EUR c 175 million; adjusted net profit of over EUR 130 million
  • Financial outlook for 2020 foresees a significant increase in sales, EBITDA and net profit
  • Change on the Management Board: new CIO Nils Huebener arrives from BNP Paribas
  • Dividend increase to EUR 2.60 per share planned

Frankfurt, 25 February, 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, announced today its preliminary figures for fiscal year 2019, according to which real estate assets under management grew organically by approximately 10.1 percent and reached the record level of EUR c 22.8 billion. The assets under management (AuM), i.e. including non-real estate assets, rose to EUR c 26.3 billion. The acquisition of STAM Europe, completed in January, added a further EUR 2 billion in real estate AuM, with the aggregate total today being EUR c 28.3 billion.

All relevant financial ratios are above or within the forecast for fiscal year 2019, with aggregated revenues rising to the record level of EUR c 303 million (previous year EUR 292 million), EBITDA of EUR c 175 million (previous year EUR 184 million) and adjusted net income of EUR c 131 million (previous year EUR 135 million). In view of various positive one-time effects, the previous year's figures are only comparable to a limited extent. The leverage ratio (net financial debt to EBITDA) was c 2.7x at the end of 2019. The company plans to increase its dividend to EUR 2.60 per share (previous year EUR 2.50).

Lars Schnidrig, CEO of CORESTATE: "We look back on another fast-growing and eventful fiscal year 2019, in which we clearly achieved our ambitious sales and earnings targets. In addition, we managed to fundamentally develop and enhance our internal structures and processes over the past year as part of a major transformation process. Tangible examples include the implementation of a comprehensive ESG strategy, the broad internationalization of our business model, and the great successes in acquiring new institutional customers. Like in previous years and as part of our clear shareholder value orientation, we wish our shareholders to take part in these successes. Therefore, we are planning to increase the dividend to EUR 2.60 per share - this currently equates to an attractive yield of around 6%."

The company's Supervisory Board has appointed Nils Huebener to the Management Board as successor to Thomas Landschreiber in the role of Chief Investment Officer as of 1 April, 2020. Huebener was previously CIO at BNP Paribas Investment Management, responsible for global real estate investment and asset management. Prior to that, he was Head of Real Estate Management at SEB Asset Management with global responsibility for real estate transactions and asset management as well as Head of Real Estate Transactions for Western and Southern Europe at Deutsche Bank subsidiary DB Real Estate. Micha Blattmann, Chairman of the Supervisory Board: "We are particularly pleased that, in Nils Huebener, we have been able to hire a high profile and successful investment manager with a broad institutional background, from whom significant impetus will certainly emanate in the future." Blattmann then adds: "As co-founder and CIO, Thomas Landschreiber was one of the most important drivers of the company's success. He has played a decisive role in shaping CORESTATE at the product, customer and transaction levels. He deserves all our thanks and recognition for this, as well as for his willingness to continue to make his experience and network available to the company."

The prospering market environment is characterized by urbanization, demographic changes and growing environmental awareness. Institutional clients, who are increasingly searching for profitable real estate investments, are benefitting from the products CORESTATE has been placing for years, time and again, tailor-made to the market. Against this backdrop and in view of a promising start to the year, the company expects significant growth in 2020 and anticipates aggregated revenues in the range of EUR 325 million to EUR 335 million, EBITDA of between EUR 180 million and EUR 190 million and adjusted net profit of between EUR 145 million and EUR 155 million.


IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com

Press Contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
jorge.person@corestate-capital.com


About CORESTATE Capital Holding S.A.: CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with more than EUR 28 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices, e.g. in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further information may be found at www.corestate-capital.com.

Forward-looking statements: This press release may contain 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 situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at www.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.



25.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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