DGAP-News Corestate subsidiary Hannover Leasing successfully places CityPalais in Duisburg
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate
Corestate subsidiary Hannover Leasing successfully places CityPalais in Duisburg
- Positive performance over the term for investors
- Active asset management and sustainable utililization concept as a recipe for success
- Full occupancy of nearly 38,000 m², diversified tenant mix of office, gastronomy and retail
Frankfurt, 20 November 2020. Hannover Leasing, a subsidiary of the real estate investment manager Corestate Capital Group (Corestate), has successfully placed, despite the challenging market environment, the Duisburg CityPalais. The mixed-use property, so far in a closed-end public fund managed by Hannover Leasing, was completed in 2007 and had previously been acquired as part of a so-called forward purchase. Thanks to its many years of experience in active asset management, Hannover Leasing was able to develop the property into a profitable yield asset and conducted the sales procedure by means of a structured bidding process. The buyer is Volksbank eG Braunschweig Wolfsburg.
Nils Hübener, CIO of Corestate: "It was clear to us from the outset that the CityPalais is of great importance for the region surrounding Duisburg. We have lived up to this responsibility and have continuously developed the property into a sustainably attractive property, both for our investors and in the best interests of the city. For example, we responded very early to the changes in the retail sector with our modern mixed-use concept and were thus able to achieve a high return of more than 70 percent on equity for our investors. This shows that we offer what is needed to accompany demanding lighthouse projects over the entire cycle from construction to management and sale from a single source."