DGAP-News

Klaus Schmitt to become new Chairman of the Management Board (CEO) at Corestate - Management Board to be expanded - Seite 3

Klaus Schmitt, born 1965, has more than 25 years' experience in the real estate sector in Germany and Europe. He was a member of the Management Board at Patrizia AG for over 14 years, and managing director of Patrizia Projektentwicklung GmbH before that. Before joining Patrizia, Klaus Schmitt had leading roles at Siemens Real Estate GmbH & Co. OHG and other companies.

Daniel Löhken, born 1978, is responsible for Legal, Compliance, Risk Management, Human Resources and Internal Audit as Chief Legal and HR Officer. He has over ten years of experience in the real estate industry and in real estate financing, as well as in capital market law. Before joining Corestate, Daniel Löhken was working for Vonovia and Clifford Chance.

Positive outlook for 2021

Corestate anticipates a significant resurgence in the real estate market next year. Profitable real estate investments will remain in high demand among institutional investors, and there is plenty of upside potential in private debt given banks' increasingly restrictive lending practices. In the wake of a significant rise in sales activities, the company expects substantial growth in transactions and stable income from real estate management to go hand in hand with an increase in income from Real Estate Investment Management and solid earnings contributions from HFS. The company has confirmed its aim of reducing the leverage ratio (net financial debt to EBITDA) to under 3.0x in the coming year.

The company has also confirmed its financial outlook for the current year. Accordingly, Corestate expects aggregated revenues and gains of EUR 185 to EUR 210 million, EBITDA of EUR 55 to EUR 80 million and adjusted net profit of EUR 25 to EUR 50 million.

 

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About CORESTATE Capital Holding S.A.

CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with more than Euro 28 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its customers combined expertise in the areas of investment and fund management as well as property 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 additional offices in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam, among others. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Please visit www.corestate-capital.com for further information.