DGAP-News

Klaus Schmitt to become new Chairman of the Management Board (CEO) at Corestate - Management Board to be expanded

DGAP-News: Corestate Capital Holding S.A. / Key word(s): Personnel Klaus Schmitt to become new Chairman of the Management Board (CEO) at Corestate - Management Board to be expanded 06.10.2020 / 09:09 The issuer is solely responsible for the content of this announcement. Klaus Schmitt to become new Chairman of the Management Board (CEO) at Corestate - Management Board to be expanded

- Lars Schnidrig to leave the company at his own request at the end of the year

- Daniel Löhken to join the Management Board with responsibility for Legal, Compliance, ESG, Risk Management and Human Resources

- Separate Management Board function to be created for finance

- Company's strategic course reaffirmed: further development of products with focus on Core/Core+

- Financial outlook confirmed with continuation of debt reduction strategy

Frankfurt, 06 October 2020. The Supervisory Board of Corestate Capital Group (Corestate), a leading independent investment manager for real estate in Europe, today announced that Klaus Schmitt, most recently a member of the Management Board of Patrizia AG, will be taking over as Chairman of the Management Board (CEO) for an initial period of three years with effect from 1 January 2021. He will replace the current Chairman of the Management Board Lars Schnidrig, who will be leaving Corestate at his own request and on amicable terms as of 31 December 2020 to seek a new professional challenge.

"We are delighted to bring such a distinguished real estate manager on board in the person of Klaus Schmitt and ensure a smooth transition in the management of the company," said Dr Georg Allendorf, Chairman of the Supervisory Board of Corestate. "In over 17 years at Patrizia, Schmitt has played a key role in turning the company into a leading pan-European asset manager with assets under management of more than EUR 44 billion. His wealth of experience will help bring Corestate forward on its journey to becoming the first port of call for fully integrated real estate solutions in Europe."