DGAP-News
Corestate to manage complex project financing of the purchase and development of the 'FÜRST' project in Berlin
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Financing Corestate to manage complex project financing of the purchase and development of the "FÜRST" project in Berlin |
- Acquisition of the FÜRST Project by Aggregate is one of the largest real estate transactions of the year
- EUR 1.02 billion financing volume for purchase and development
- AFS, which will in future operate under the name "Corestate Bank", was the sole agent for structuring and placement
- Corestate completed the acquisition of AFS in May
Frankfurt, 11 June 2021 - Corestate subsidiary AFS (Aggregate Financial Services GmbH), which shall be operating on the market as "Corestate Bank" in the future, has financed the acquisition and development of Berlin's FÜRST Project on Kurfürstendamm by Aggregate Holdings S.A. This is one of the largest real estate transactions of the year in Germany with a financing volume for acquisition and development of EUR 1.02 billion. AFS structured and placed the financing as the sole global coordinator and sole agent, demonstrating its capabilities. Corestate, a leading independent real estate investment management firm in Europe, completed the acquisition of AFS only two weeks ago.
René Parmantier, CEO of Corestate: "The financing impressively demonstrates what Corestate is capable of delivering. The acquisition of AFS at the beginning of this year was the right strategic decision, which is already bearing fruit after such a short period of time. The market for real estate private debt offers us considerable opportunities due to the increasing regulatory requirements for banks, which we intend to and will use with the future "Corestate Bank" as a financing platform for the entire real estate life cycle."