DGAP-News: CORESTATE reports solid first half year and confirms 2019 guidance

CORESTATE reports solid first half year and confirms 2019 guidance

- Decent operating performance across the entire Group

- Aggregated revenues and gains of EUR 121 million, EBITDA of EUR 68.9 million, adjusted net profit of EUR 47.8 million

- Promising organic growth in Real Estate AuM of 4.4 percent

- Financial guidance of FY 2019 confirmed

- Acquisition of STAM Europe paves way to French Market

Frankfurt, 13 August 2019 - CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, today announced solid figures for the first half year of 2019. Real estate Assets under Management (AuM) rose organically by around 4.4 percent, reaching EUR 21.6 billion for the first time. Including the non-real-estate portfolio, the entire AuM amounted to EUR 26 billion.

"Our operations remain under full steam, and all our subsidiaries delivered to our good half-year results, benefitting from a favorable market environment. Especially, but not only our micro living segment is sought after by a growing number of clients," commented Lars Schnidrig, CEO of CORESTATE.

In the first six months of 2019, the company generated adjusted revenues and gains of EUR 121 million (H1/2018: EUR 125.8 million), an EBITDA of EUR 68.9 million (H1/2018: EUR 69.1 million) and an adjusted net profit of EUR 47.8 million (H1/2018: EUR 60.9 million). Net profit amounted to EUR 36.9 million (H1/2018: EUR 42.8 million). Differences to previous' year are mainly due to slight seasonal fluctuations.

On 8 August, CORESTATE announced the acquisition of the French investment manager STAM Europe, Paris with EUR 1.9 billion AuM. Closing of the transaction is subject to approval of the French regulatory authority and is expected in the fourth quarter of 2019. This paves for CORESTATE the way to selected locations and asset segments in France as well as to new institutional clients. The CORESTATE Group is thus taking another important step towards becoming the leading European real estate platform as part of its comprehensive growth strategy.

As typical for the first six months of 2019, CORESTATE used its balance sheet for clients to enable further effective growth in the second half of the year. This also led to a short-term rise in the leverage ratio (Net Financial Debt to EBITDA), which will get reduced again significantly in the upcoming months - for the fiscal year 2019 the Company confirmed the target ratio of between 2x and 3x.

CEO Lars Schnidrig: "We are constantly winning new customers, our tangible sourcing pipeline of around EUR6 billion remains on a very high level and we are starting now to harvest the fruits of our broad ESG initiative - these are just a few reasons why we are looking very optimistically into the future. We are completely in-line with our seasonal budgets and expect especially our acquisition related fees and our promote fees to pick up in the second half of 2019."

Against this backdrop, the company fully confirms its financial forecast for the full year 2019 of aggregated revenues of EUR 285 to 295 million, adjusted EBITDA of EUR 165 to 175 million and adjusted net profit of EUR 130 to 140 million.

IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com

PR Contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
jorge.person@corestate-capital.com

About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR26 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate 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 offices, e.g. in Frankfurt, London, Madrid, Singapore and Zurich. The company employs around 700 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further information may be found at www.corestate-capital.com.

Forward-looking statements
This press release may contain 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 situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at ir.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.