DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Miscellaneous
CORESTATE underscores operational strength of its business model and confirms financial outlook for 2019
Frankfurt, October 17, 2019 - CORESTATE Capital Holding S.A. (CORESTATE), a leading independent European real estate investment manager, emphasizes its consistently positive operating performance in 2019 and the attractive growth prospects across all business areas and products in light of yesterday's share price development.
Lars Schnidrig, CEO CORESTATE Capital Group: "Our current and new business is running on full steam. We have gained many new institutional clients in recent weeks and, as announced, placed a large portion of our warehousing assets with investors. As a result, we have already reduced our short-term net debt by more than EUR 130 million in recent months. We also expect annual organic growth in our real estate assets under management of between 5 and 10 percent for the group in the medium term and will therefore continue our success story in 2020."
In light of these developments, the company reconfirms its financial outlook for the full year 2019 with aggregated revenues in the range of EUR 285 million to EUR 295 million, EBITDA in the range of EUR 165 million to EUR 175 million and adjusted net profit in the range of EUR 130 million to EUR 140 million. The dividend policy also provides for a distribution of around half of the earnings per share.
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
T: +49 69 3535630-136 / M: +49 162 2632369
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.
17.10.2019 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:||891549|
|End of News||DGAP News Service|