DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Contract
CORESTATE acquires Tempelhof Twins in Berlin with an investment volume of
EUR 86 million
Frankfurt, October 9, 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent investment manager for real estate in Europe, has acquired the so-called Tempelhof Twins in Berlin, a first-class value-added office property with a total investment volume of around EUR 86 million. The transaction will be structured as a joint venture between Metropolitan Real Estate, the global real estate multi-manager arm of the Carlyle Group and a fund of the Bluerock Group. Both of these co-investors are new relationships for Corestate.
The Carlyle Group is a global investment company with USD 223 billion in assets under management. Metropolitan Real Estate invests with and alongside real estate managers since 2002 and has over 225 manager relationships worldwide. Bluerock Group is a real estate investment boutique focused on the acquisition of German office real estate. The value creation potential of the property is to be leveraged as part of CORESTATE's 'Manage-to-Core' strategy. CORESTATE has invested in over EUR 300 million in value-added properties since the beginning of the year.
Lars Schnidrig, Chief Executive Officer of CORESTATE: "With this first-class property, our customers benefit from our long proven "Manage-to-Core strategy". This is based on our approach of investing for our customers in properties with value creation potential, which we leverage through renovation, repositioning and letting. Returns on these investments that can even be in the double-digit range are thus achievable. Our newly acquired investors can look forward to an attractive asset that meets their high expectations of an office property investment."
One of the main value drivers of the property located directly on the Teltow Canal in the Tempelhof commercial district is the increase in rental income. Following extensive renovation work, a full occupancy is targeted, with the property already showing a solid cash flow at a current occupancy rate of 80 percent. Given the average rent level still significantly below the market level and that Berlin continues to attract many companies as a core commercial location, a significant increase in rental income is still possible. In addition, the office complex is structurally and functionally in very good condition and interesting to a wide range of tenants.
The office building property located on Komturstraße has a total rentable area of around 22,300 m² with nearly 270 parking spaces. It has a diversified tenant base, is located in the vicinity of well-known companies such as Vodafone, Procter & Gamble and Siemens and has direct access to the A 100 highway.
T: +49 69 3535630-136 / M: +49 162 2632369
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
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.
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.
09.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Corestate Capital Holding S.A.|
|4, Rue Jean Monnet|
|Phone:||+49 69 3535630-107|
|Fax:||+49 69 3535630-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||887409|
|End of News||DGAP News Service|