Corestate buys asset manager Atos
The Corestate Group is buying Atos Capital, a real estate manager with approximately two billion euros in assets under management, consisting of 215 properties in over 150 cities in Germany and Austria.
Corestate acquires 100 percent of the shares in the Atos Group, an owner-managed real estate company founded in 2006 with a focus on commercial real estate asset management. As a result, the Corestate Group's assets under management will grow to approximately 22 billion euros by the end of the year.
Atos founders to head asset management at Corestate
Atos has realized a transaction volume of 2.1 billion in the last five years, Corestate writes in a media release. The purchased company employs 65 people at twelve locations in Germany and Austria. The headquarters are located in Hamburg. The two Atos founders, Udo Stocker and Dr. Michael Hermes, will take over the overall management and coordination of asset management at Corestate.
Stocker has more than 20 years of experience in the real estate industry, with a focus on project development and asset management. Hermes has 14 years of real estate and management experience. The parties have agreed not to disclose the absolute purchase price. The price in relation to the earnings after tax for 2018 amounts to "less than five times this value," according to Corestate.
Expansion of the two Atos real estate funds planned
The Atos Group manages two of its own funds for institutional investors in Germany in the commercial real estate sector, which will be further expanded after integration into the Corestate Group, according to Corestate CEO Sascha Wilhelm.
