EQS-News

Corestate implements important conditions from the approved restructuring concept

EQS-News: Corestate Capital Holding S.A. / Key word(s): Restructure of Company Corestate implements important conditions from the approved restructuring concept 05.12.2022 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Corestate implements important conditions from the approved restructuring concept

• Supervisory Board with two new members – Dr. Nedim Cen new Chairman of the Supervisory Board
• CRO appointed to the Management Board – Stavros Efremidis (CEO) and Ralf Struckmeyer (CIO) will leave the Management Board at the end of the year
• Lock-up agreements with shareholders and bondholders ratified as key entry condition for successful turnaround
• Bond investors provide €10 million bridge financing in the short term
• Group's financial and liquidity position secured with new financing

Luxembourg, December 5, 2022 – Corestate Capital Holding S.A. ("Corestate") has fulfilled several key conditions from the agreed restructuring concept following the creditors' meeting on November 28, 2022.

Dr. Nedim Cen and Dr. Sven-Marian Berneburg are appointed as new members of the Supervisory Board with immediate effect. The previous Supervisory Board members Dr. Roland Folz and Dr. Friedrich Oelrich had previously resigned from office. Dr. Nedim Cen and Dr. Sven-Marian Berneburg have many years of experience in real estate and asset management. Dr. Nedim Cen will take over as Chairman of the Supervisory Board; Dr. Bertrand Malmendier will continue to serve as Deputy Chairman of the Supervisory Board.

In parallel, the position of Chief Restructuring Officer (CRO) was added to the Group Management Board. The Chairman of the Management Board of Corestate Capital Holding S.A, Stavros Efremidis (CEO) and Ralf Struckmeyer as Chief Investment Officer (CIO) will leave the company at their own request on December 31, 2022. The Supervisory Board would like to thank both of them for the valuable entrepreneurial contribution they have made during a challenging period for Corestate, thus helping to secure the Group's continued existence. The Supervisory Board wishes them every success in their new challenges. The new Group Management Board will continue to include Izabela Danner (COO) and Udo Giegerich (CFO), who, together with the CRO, will continue to consistently drive forward the restructuring of the company. The newly constituted Supervisory Board will decide on the successor to the CEO and the future allocation of responsibilities in the near future.