Corestate Capital Holding S.A.: CORESTATE invests a further EUR 210 million in German retail properties and strengthens the management board by hiring Philip La Pierre as new Co-Chief Investment Officer
DGAP-News: Corestate Capital Holding S.A.: CORESTATE invests a further EUR 210 million in German retail properties and strengthens the management board by hiring Philip La Pierre as new Co-Chief Investment Officer
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous
12.09.2017 / 09:19
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CORESTATE invests a further EUR 210 million in German retail properties and strengthens the management board by hiring Philip La Pierre as new Co-Chief Investment Officer
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, has acquired 24 separate retail properties in top shopping locations of pedestrian areas in medium-sized German cities such as Dresden, Essen, Heilbronn and Kaiserslautern. The assets have been acquired in individual transactions and structured in a new portfolio.
Comprising a total of approximately 90,000 square meters, the properties are very diversified in regard to location, building type and tenants. Anchor tenants include fashion retailers H&M and Snipes as well as drugstore chain Müller and supermarket chain REWE.
In order to strengthen new business generation and to expand investor contacts, Philip La Pierre will be appointed Co-Chief Investment Officer beginning 1 November 2017. He will report to Co-Founder and Chief Investment Officer Thomas Landschreiber. Philip La Pierre was most recently Head of the Investment Management Europe department at Union Investment Real Estate, which he joined in 2009 as Head of Investment & Asset Management for Germany. Prior to Union Investment, Philip, a trained lawyer, was Head of Transactions Germany for ING Real Estate. Before that, he was an investment manager at Credit Suisse.
Thomas Landschreiber, Chief Investment Officer of CORESTATE comments: “We have an excellent expertise and a unique track record within the retail sector of Germany’s B-cities. Our letting success increases the value of the portfolios. In addition, our strong performance is increasing CORESTATEs visibility among investors and within the industry. To further enhance our longer-term growth, we continue to increase the depth and breadth of our team. The addition of Philip La Pierre, highly-regarded, seasoned expert is very much in line with this strategy and we are thrilled that he is joining CORESTATE.”
Phone: +49 69 3535630-106 / Cell phone: +49 162 2087670
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About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 20bn* in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 29 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 470 people and is listed in the open market of the Frankfurt Stock Exchange. Further information is available at www.corestate-capital.com.
*at year end 2017
This press release may contain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at ir.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.