DGAP-News: Corestate Capital Holding S.A. / Key word(s): Takeover/Mergers & Acquisitions
CORESTATE acquires HFS Helvetic Financial Services AG
- Assets under management (AuM) increase to EUR 20 billion CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, acquires HFS Helvetic Financial Services AG (HFS), based in Wollerau (Switzerland), and successfully integrates Hannover Leasing Group (HL). HFS is a leading provider of mezzanine financing in the German residential and commercial real estate market and also sub-advises numerous funds. HFS has been one of the first companies to identify the significant potential of mezzanine financing and already launched a related fund in 2009. With the acquisition of HFS, CORESTATE expands its value proposition to include mezzanine real estate financing, grows its fund business and improves access to institutional investors such as pension funds and insurance carriers.
HL is a leading asset manager and provider of real asset investments in Germany and offers closed-ended mutual AIFs (alternative investment funds) as a registered capital administration company (Kapitalverwaltungsgesellschaft). Since its foundation in 1981, HL has been focusing mainly on domestic and international property investments as well as on alternative assets. The takeover of HL brings an attractive combination of contractually secured long-term asset management revenue and significant new business potential.
Broader product spectrum The combination of the three networks will result in a significantly strengthened asset and investment management platform with an impressive track record: together, the three companies have been raising EUR 12 billion in equity from investors in the past. CORESTATE will benefit from an extended product offering, an improved access to capital and higher recurring revenues. "CORESTATE will continue to drive the consolidation since both the need and potential in our industry are significant. The newly increased and diversified CORESTATE offers an excellent platform for additional well-chosen acquisitions," says Ralph Winter, founder and senior advisor of CORESTATE.
Transaction financing including via capital increase against non-cash contributions
Guidance for 2017 raised
Adjustments within the Executive Board and Senior Advisory Circle support the integration process Thomas Landschreiber, co-founder and chief investment officer of CORESTATE will join the boardroom of HFS alongside Norbert Ketterer (chairman of the board) and Marcellino Graf zu Hoensbroech. Lars Schnidrig (44) has been appointed chief financial officer (CFO) effective 1 July. Over the past eight years, Lars Schnidrig, has been head of finance and treasury of the DAX 30 listed company Vonovia SE. Prior to that, he worked for about eight years in international investment banking at HypoVereinsbank and other banks in the cities of London, Paris, Dublin, New York and Munich. "With Lars Schnidrig, we were able to bring on board a multiple award winning capital market expert who will further accelerate our growth based on his integration experience in fast-growing companies and his capital market expertise," says Micha Blattmann, chairman of the CORESTATE supervisory board. After nine years as CFO of CORESTATE, Daniel Schoch will depart from the board of CORESTATE by mutual consent; he will, however, continue to support the business as senior adviser. "CORESTATE owes Daniel Schoch a great debt of gratitude and appreciation. During the initial stages, he created the financial prerequisites without which CORESTATE would have been unable to expand. He has been instrumental in CORESTATE's development into a leading European real estate investment firm," comments Ralph Winter.
In addition, Gregory Gould will strengthen the CORESTATE team as a senior adviser for analysis and strategic development in the capital market. Gregory Gould was a managing director at Goldman Sachs until 2006 and in charge of the Global Investment Research Team in New York. He was involved in fundraising activities and transactions totalling USD 50 billion. Gregory Gould worked closely with the company's investment banking division on transactions with companies like MasterCard and Accenture. Gregory Gould is an alumnus of the Massachusetts Institute of Technology (MIT).
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Corestate Capital Holding SA published this content on 01 July 2017 and is solely responsible for the information contained herein.
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