DGAP-News: Corestate Capital Holding S.A. / Key word(s): Personnel
- Lars Schnidrig to leave the company at his own request at the end of the year
- Daniel Löhken to join the Management Board with responsibility for Legal, Compliance, ESG, Risk Management and Human Resources
- Separate Management Board function to be created for finance
- Company's strategic course reaffirmed: further development of products with focus on Core/Core+
- Financial outlook confirmed with continuation of debt reduction strategy
Frankfurt, 06 October 2020. The Supervisory Board of Corestate Capital Group (Corestate), a leading independent investment manager for real estate in Europe, today announced that Klaus Schmitt, most recently a member of the Management Board of Patrizia AG, will be taking over as Chairman of the Management Board (CEO) for an initial period of three years with effect from 1 January 2021. He will replace the current Chairman of the Management Board Lars Schnidrig, who will be leaving Corestate at his own request and on amicable terms as of 31 December 2020 to seek a new professional challenge.
"We are delighted to bring such a distinguished real estate manager on board in the person of Klaus Schmitt and ensure a smooth transition in the management of the company," said Dr Georg Allendorf, Chairman of the Supervisory Board of Corestate. "In over 17 years at Patrizia, Schmitt has played a key role in turning the company into a leading pan-European asset manager with assets under management of more than EUR 44 billion. His wealth of experience will help bring Corestate forward on its journey to becoming the first port of call for fully integrated real estate solutions in Europe."
"The Supervisory Board is sad to see Lars Schnidrig leave the company," Dr Allendorf added. "As CFO and CEO, Lars Schnidrig contributed greatly to the institutionalisation and governance of the Corestate Group at all levels and created a solid basis for the further development of our company. He not only played a major role in establishing a European platform and in realigning the financing structure, but he also comprehensively integrated ESG into the company's strategy and has significantly improved Corestate's reputation at the capital market. I would like to thank him on behalf of the entire Supervisory Board."
"Together with an amazing team, we have achieved a great deal both strategically and operatively at the Corestate Group over the past three years," said Lars Schnidrig, reflecting on his decision. "Over the past few months, we have also managed to set the right course to benefit from the anticipated market recovery in 2021, despite the currently extremely challenging market environment. I think I can say with confidence that I will be handing the company over to my successor, Klaus Schmitt, in good shape."
The Supervisory Board is also expanding the Management Board with the addition of two new functions. Daniel Löhken will join the Management Board as Chief Legal and HR Officer responsible for Legal, Compliance, ESG, Risk Management and Human Resources with effect from 1 November 2020. In addition, a separate chief financial officer will be appointed to the Management Board, with a suitable candidate to be recruited as part of a structured process. The new leadership will continue to pursue the existing strategy and focus on expanding the Core and Core+ risk classes, along with systematic debt reduction.
"Daniel Löhken is an outstanding addition to the Management Board," said Dr Allendorf. "He has excelled in advancing our governance and organisational development since joining Corestate at the start of 2018 and continues to make a vital contribution to the successful transformation of our company. With this expanded and well-balanced Management Board, we will be able to open up further growth opportunities on the market. Operative business will be well positioned under the leadership of Klaus Schmitt as CEO and Nils Hübener as CIO. I am certain that we will see many positive developments from a client and a transaction perspective in the coming quarters. In parallel, Daniel Löhken as CLO and the new CFO will be expertly and efficiently managing central corporate functions."
Klaus Schmitt, born 1965, has more than 25 years' experience in the real estate sector in Germany and Europe. He was a member of the Management Board at Patrizia AG for over 14 years, and managing director of Patrizia Projektentwicklung GmbH before that. Before joining Patrizia, Klaus Schmitt had leading roles at Siemens Real Estate GmbH & Co. OHG and other companies.
Daniel Löhken, born 1978, is responsible for Legal, Compliance, Risk Management, Human Resources and Internal Audit as Chief Legal and HR Officer. He has over ten years of experience in the real estate industry and in real estate financing, as well as in capital market law. Before joining Corestate, Daniel Löhken was working for Vonovia and Clifford Chance.
Positive outlook for 2021
The company has also confirmed its financial outlook for the current year. Accordingly, Corestate expects aggregated revenues and gains of EUR 185 to EUR 210 million, EBITDA of EUR 55 to EUR 80 million and adjusted net profit of EUR 25 to EUR 50 million.
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with more than Euro 28 billion 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.
06.10.2020 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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