Second attempt for Corestate IPO?
According to the news agency Reuters, Corestate Capital Group intends to go public again by the end of the year. Last November, a first attempt had been aborted.
The first attempt at an IPO had been called off in the fall of 2015 - at that time with an envisaged volume of around 100 million euros - due to the difficult market environment. The company, which is registered in Luxembourg, primarily invests capital of Swiss clients in residential and commercial real estate in Germany, Austria and Spain. It currently has offices in Frankfurt/Main, London, Madrid, Singapore and Zug.
Company founder Ralph Winter, who currently holds more than 90 percent of Corestate, is now considering issuing a smaller volume or fewer shares to business partners than originally planned in 2015, according to Reuters. The news agency quotes a source as saying that Winter wants to "create a platform to access fresh capital that way." According to the founder, he is aiming for expansion, for which additional funds will be needed.
At the beginning of July, the Swiss Intershop Holding AG had announcedIntershop announced that it had divested its 28 percent stake in Corestate retroactively as of the beginning of the year and sold it back to Winter. Intershop justified this step with its foreign activities, which it does not want to expand further at the moment. (mr)
