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Corestate Capital Holding S.A.: Hannover Leasing acquires ‘The Cloud’ in Amsterdam on behalf of institutional investors

12/21/2017
DGAP-News: Corestate Capital Holding S.A.: Hannover Leasing acquires ‘The Cloud’ in Amsterdam on behalf of institutional investors
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous

21.12.2017 / 12:20
The issuer is solely responsible for the content of this announcement.

Hannover Leasing acquires ‘The Cloud’ in Amsterdam on behalf of institutional investors

Pullach, 21 December 2017 – Hannover Leasing, part of the CORESTATE Capital Group, has acquired ‘The Cloud’, an office complex in Amsterdam, The Netherlands, on behalf of an open-end real estate retail fund (managed by Amundi Real Estate) and the Finnish pension fund Ilmarinen. The purchase price is in the low three-digit million euro range. The Property was redeveloped and sold by Impact Vastgoed and Cairn Real Estate on behalf of an international investor.

The five-story building with a total floor space of close to 23,700 sqm has recently been completely remodeled and updated to the latest standards. The Cloud received a BREEAM “Very Good” rating.

“The Cloud presents itself in an excellent condition – the top quality combined with a top location makes this property an attractive investment for our institutional clients,” says Michael Ruhl, Managing Director, Hannover Leasing. “As part of the CORESTATE Capital Group we are able to further expand our business with institutional investors.”

The property is fully let; anchor tenants include the mobility service provider Uber on c. 10,800 sqm, co-working facility Spaces on c. 6,400 sqm, and Amazon on c. 5,000 sqm. The building also accommodates 195 underground parking spaces.

Hannover Leasing ranks among the leading providers of tangible assets in Germany. The company’s biggest shareholder is the CORESTATE Capital Group which holds 94.9 percent. Another 5.1 percent of the shares are held by Landesbank Hessen Thüringen (HELABA). Headquartered in Pullach near Munich, the group designs structured financing as well as closed-end funds and other investment vehicles for private and institutional investors. Its investment focus lies on real estate inside and outside Germany and aviation. So far, more than 69,700 private and institutional investors have committed to the funds of Hannover Leasing, investing a total of 10.1 billion Euros in equity in the process. Hannover Leasing’s total assets under management adds up to approximately 12.6 billion Euros.