DGAP-News Corestate acquires complementary debt financing platform to offer debt service across all real estate asset classes
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Takeover/Real Estate
Corestate acquires complementary debt financing platform to offer debt service across all real estate asset classes
- Acquisition of Aggregate Financial Services ("AFS"), a debt financing platform and fully licensed securities trading bank, represents significant milestone towards strengthening Corestate's private debt strategy
- Further development and diversification of the successful real estate mezzanine business with new products, complementary services and regional expansion
- AFS to generate on a stand-alone basis € 15m to € 20m EBITDA in 2021 and at least an additional € 10m of annual run rate synergies
- Net Purchase price of € 113m mainly financed by 8.5m new shares
- AFS founders Sebastian Ernst and Johannes Märklin appointed as Members of the Management Board
Luxembourg, 14 January 2021 - Corestate Capital Group ("Corestate"), a leading independent investment manager for real estate in Europe, today announced the full acquisition of Frankfurt-based Aggregate Financial Services GmbH ("AFS"), a leading debt financing platform and fully licensed securities trading bank.
The transaction will allow Corestate to significantly expand its leading position in the real estate development financing market as well as within the wider real estate sector. The central element of this transaction is also the purchase of a securities trading bank which connects to a broader product range of tailored debt financing solutions in the real estate sector. As a result, the complementary and highly profitable operations at AFS and Helvetic Financial Services ("HFS"), Corestate's private debt business, will join forces. Subsequently, Corestate will have a strong market position as a financing platform through the whole real estate life cycle and thus enjoy a unique cross-selling potential. As part of this transaction, AFS founders and shareholders Sebastian Ernst and Johannes Märklin are appointed as Members of the Management Board of Corestate with immediate effect for a term of three years; they will also become members of the board of directors of HFS.
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