Corestate: Strong growth in the first half-year
Corestate Capital Holding S.A. (Luxembourg) continues to grow. Total operating performance in the first half of 2017 amounted to €48.6 million - an increase of 116 percent.
Effects from the Acquisitions of Hannover Leasing and Helvetic Financial Services AG (HFS) completed at the beginning of July are not yet included in the half-year figures. The integration of HFS and the ongoing restructuring of Hannover Leasing proceeded as planned, according to Corestate's media release.
Adjusted for one-off effects in connection with capital measures and M&A transactions, consolidated net income quadrupled to €22.8 million (H1 2016: €5.1 million). Therefore, the company confirms the forecast for the current financial year, which was last raised in July 2017. Total operating performance will be between 170 and 180 million, consolidated net income before special effects between 85 and 90 million, corresponding to EBITDA before special effects of 115 to 120 million, Corestate informs.
20 billion assets under management
In the first six months of the current year, Corestate significantly expanded its cooperation with institutional investors and realized a real estate transaction volume of 1.4 billion, the statement continues. At 356 million, the volume of equity raised from private and institutional investors in the first half of 2017 was also significantly higher than in the comparable period. Assets under management (AuM) at mid-year 2017 were 26 percent higher than at year-end 2016. Including the assets of Hannover Leasing and HFS, AuM amounted to around 20 billion at the end of July 2017.
"We expect a further increase in investment volume, resulting in particular from the launch of new investment products. Corestate will also continue to participate in the increasing consolidation activities in the market through selective inorganic growth," says Sascha Wilhelm, CEO of the Corestate Group. Overall, the earnings base will continue to broaden and stabilize, he added. In particular, the ratio of recurring income to total income will continue to improve strongly, Wilhelm holds out the prospect. For the targeted growth, Corestate also wants to strengthen itself on the personnel side.
Headquartered in Luxembourg, the company has 29 other offices, including in Frankfurt/Main, London, Madrid, Singapore and Zurich. Corestate employs over 470 people and is listed on the Frankfurt Stock Exchange. Market capitalization in July was well over one billion (based on the closing price on July 31, 2017).
