DGAP-News: CORESTATE to expand financing for Highstreet portfolio of Bayerische Versorgungskammer to EUR 387 million

CORESTATE to expand financing for Highstreet portfolio of Bayerische Versorgungskammer to EUR 387 million
 
Frankfurt, 11 June 2019 - CORESTATE Capital Holding S.A. (CORESTATE), a leading independent investment manager for real estate in Europe, has implemented a financing increase at very attractive long-term conditions for the Highstreet Fund of Bayerische Versorgungskammer (BVK). The fund is running on the platform of Universal-Investment. The financing, which was initially concluded in February 2018, was increased by around EUR 44 million to EUR 387 million. Landesbank Baden-Württemberg (LBBW) acted as mandated lead arranger for a consortium of banks.
 
Matthias Heimann, Head of Debt Finance & Debt Advisory: "Increasing this complex and large portfolio financing, including a bank consortium with five lenders, was challenging. We are therefore pleased that, as in 2018, we had LBBW at our side as a very competent and reliable partner and were once again able to structure a tailor-made financing for BVK's Highstreet Fund."
 
CORESTATE was able to expand the Highstreet portfolio, which was acquired by BVK in 2017 and comprised 90 properties at the time, to 97 properties with a total volume of around EUR 800 million.
 
Thomas Landschreiber, Co-Founder and Chief Investment Officer of CORESTATE: "The procurement of attractive financing by our Debt Finance Team is an important component of our integrated investment and asset management approach and therefore essential for the overall success of our projects. Having secured seven further commercial properties with good return prospects for BVK last year, we are convinced that we will be able to identify and acquire long-term attractive properties for BVK in the future as well."
 
With assets under management of more than EUR 77 billion, BVK is one of the largest institutional investors in Germany. CORESTATE has been acting on behalf of the company as investment and asset manager since 2016. In addition to the commercial real estate portfolio, CORESTATE also manages a micro living portfolio for BVK with student apartment buildings worth around EUR 660 million and an agreed target volume of EUR 1.2 billion.
 
 
PR Contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
jorge.person@corestate-capital.com
 
IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com
 
 
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approx.imately EUR 256 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 including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 730 peopletotal staff of around 700 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.