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Corestate Capital Holding S.A.: Evaluation of options for refinancing, including potential alternative scenarios. Financial outlook for 2022 is withdrawn.

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Corestate Capital Holding S.A. / Key word(s): Bond/Change in Forecast
Corestate Capital Holding S.A.: Evaluation of options for refinancing, including potential alternative scenarios. Financial outlook for 2022 is withdrawn.

09-May-2022 / 18:12 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Corestate Capital Holding S.A.: Evaluation of options for refinancing the convertible bond and bond, including potential alternative scenarios. Financial outlook for 2022 is withdrawn.

Luxemburg, 9 May 2022 - The Management Board of Corestate Capital Holding S.A. ("Corestate") has decided today - while continuing and maintaining the steps taken to raise additional liquidity - to prepare in parallel alternative measures to refinance the convertible bond (maturing November 2022) and the bond (maturing April 2023). For this purpose, the Company has, among other things, mandated a financial advisor to evaluate and, if necessary, prepare the options for refinancing both instruments, including potential alternative scenarios.

Furthermore, the macroeconomic risks, which have increased significantly since the outbreak of the Ukraine war and the ongoing disruptions to global supply chains, are also reaching the real estate sector. The latest dynamic developments on the interest rate and inflation side are currently leading to a decline in transaction business and restraint on the part of clients. In addition, there has been a significant increase in uncertainty on the part of the Company due to the refinancing process currently underway, with possible negative consequences for new business in the current year. In view of the significantly lower revenues, particularly from acquisition and performance-related fees in the core business, that are becoming apparent as a result of both effects, the Company no longer considers it sufficiently probable that it will achieve the financial targets originally planned for the financial year. A concrete deviation cannot be reliably quantified at present. The Management Board is therefore withdrawing the financial outlook for 2022, with revenue of between € 210 million and € 230 million and EBITDA of between € 90 million and € 110 million and a related dividend, until further notice.

Mitteilende Person:
Dr. Kai Gregor Klinger
Chief Markets Officer
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com

[Explanations of the key figures used are available on our website https://corestate-capital.com/wp-content/uploads/2019/05/KPI-D.pdf .]

09-May-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Corestate Capital Holding S.A.

4, Rue Jean Monnet

L-2180 Luxembourg

Luxemburg

Phone:

+49 69 3535630-107

Fax:

+49 69 3535630-299

E-mail:

IR@corestate-capital.com

Internet:

www.corestate-capital.com

ISIN:

LU1296758029

WKN:

A141J3

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1347455


 

End of Announcement

DGAP News Service

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