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DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate
Corestate subsidiary Hannover Leasing successfully places CityPalais in Duisburg
Frankfurt, 20 November 2020. Hannover Leasing, a subsidiary of the real estate investment manager Corestate Capital Group (Corestate), has successfully placed, despite the challenging market environment, the Duisburg CityPalais. The mixed-use property, so far in a closed-end public fund managed by Hannover Leasing, was completed in 2007 and had previously been acquired as part of a so-called forward purchase. Thanks to its many years of experience in active asset management, Hannover Leasing was able to develop the property into a profitable yield asset and conducted the sales procedure by means of a structured bidding process. The buyer is Volksbank eG Braunschweig Wolfsburg.
Nils Hübener, CIO of Corestate: "It was clear to us from the outset that the CityPalais is of great importance for the region surrounding Duisburg. We have lived up to this responsibility and have continuously developed the property into a sustainably attractive property, both for our investors and in the best interests of the city. For example, we responded very early to the changes in the retail sector with our modern mixed-use concept and were thus able to achieve a high return of more than 70 percent on equity for our investors. This shows that we offer what is needed to accompany demanding lighthouse projects over the entire cycle from construction to management and sale from a single source."
The CityPalais has 37,700 m² of rentable space and an underground car park with 649 parking spaces. With an occupancy rate of 97 per cent, it is almost fully let. Users include the City of Duisburg and a mix of office, restaurant and retail tenants. The adjoining Mercatorhalle with its more than 100-year history is home venue of the Duisburg Philharmonic Orchestra forms a cultural centre in the city and the Ruhr region. The retail spaces were significantly restructured between 2016 and 2018. The attractiveness of the property for tenants and customers has been significantly enhanced through extensive upgrading measures in the shopping centre.
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CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with more than € 28 bn in assets under management. As a fully integrated real estate platform, CORESTATE offers its customers combined expertise in the areas of investment and fund management as well as property management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 additional offices in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam, among others. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Please visit www.corestate-capital.com for further information.
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial position, development or performance of the Company and the estimates given here. These factors include those described in published reports. These reports are available on our website www.corestate-capital.com. The Company assumes no obligation whatsoever to update these forward-looking statements or to conform them to future events or developments. No inappropriate significance should be attached to forward-looking statements, which apply only to the date of this communication.
20.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Corestate Capital Holding S.A.
4, Rue Jean Monnet
+49 69 3535630-107
+49 69 3535630-29
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
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