Corestate acquires HFS Helvetic Financial Services
Corestate Capital Holding, investment manager and co-investor based in Luxembourg, acquires HFS Helvetic Financial Services based in Wollerau for a three-digit million amount.
HFS is a provider of mezzanine financing in the German residential and commercial real estate market and also acts as an advisor to numerous funds. HFS already launched a fund for mezzanine financing in 2009, it was one of the first companies to discover the potential of these forms of financing, Corestate writes in a media release.
The acquisition will expand Corestate's range of services "to include mezzanine real estate financing, expand the fund business and improve access to institutional investors such as pension funds and insurance companies," it adds. The purchase price is "in the mid three-digit million range" and will be financed through the issuance of 7.4 million new shares against contribution in kind from authorized capital to the HFS shareholders as well as with debt and own funds.
Corestate integrates Hannover Leasing
In addition, Corestate has integrated the Hannover Leasing Group (HL). HL is an asset manager and provider of tangible assets in Germany and offers closed-end public AIFs (alternative investment funds) as a licensed capital management company. Since its foundation in 1981, HL has focused primarily on real estate in Germany and abroad as well as alternative assets. The acquisition of HL represents "an attractive combination of contractually secured, long-term asset management revenues and great potential for new business," Corestate said.
The transactions will make the company "one of the leading listed asset and investment managers with a focus on real estate equity, debt and alternative assets in the German-speaking region," it added. With the completion of the two deals, Corestate's assets under management (AuM) will grow to 20 billion euros. The company is represented in six countries and currently employs over 470 people in 29 offices. "The newly enlarged and diversified Corestate provides an excellent platform for further targeted acquisitions," said Ralph Winter, founder and senior advisor of Corestate.
Reorganization in management
For the integration of the acquired HFS units, Thomas Landschreiber, Co-Founder and CIO of Corestate - will join Norbert Ketterer (Chairman of the Board) and Marcellino Graf zu Hoensbroech - as a member of the HFS Board of Directors.
Lars Schnidrig (44), who previously served as Head of Finance and Treasury for DAX-30 group Vonovia SE, has been appointed as Corestate's new Chief Financial Officer (CFO) with effect from July 1. In his new position, he succeeds Daniel Schoch, who is leaving Corestate's Management Board "by mutual agreement" and will remain with the company as Senior Advisor.
In addition, Gregory Gould joins the team as Senior Advisor in the area of analysis and strategic development in the capital markets. Gould was a Managing Director at Goldman Sachs until 2006 and led the Global Investment Research team in New York.
