Corestate Capital Holding S.A.: CORESTATE purchases ATOS Capital with c. EUR 2bn AuM and strengthens management of its commercial real estate asset management
DGAP-News: Corestate Capital Holding S.A.: CORESTATE purchases ATOS Capital with c. EUR 2bn AuM and strengthens management of its commercial real estate asset management
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous
29.09.2017 / 07:41
The issuer is solely responsible for the content of this announcement.
CORESTATE purchases ATOS Capital with c. EUR 2bn AuM and strengthens management of its commercial real estate asset management
– CORESTATE’s assets under management will grow to approx. EUR 22bn at year end
– Strengthens management expertise in the commercial real estate sector
– Transaction expected to be accretive to earnings and enhances recurring nature of revenue
– Expansion of ATOS’ fund business with institutional investors enhance CORESTATE’s growth profile
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated real estate investment manager and co-investor headquartered in Luxembourg, is purchasing a 100% stake in ATOS Group (ATOS). Founded in 2006, ATOS is an owner-managed real estate company that specializes in the asset management of commercial properties in Germany and Austria. The company manages a portfolio of 215 assets in more than 150 cities valued at c. EUR 2bn. Over the past five years, ATOS realized a transaction volume of EUR 2.1bn. Headquartered in Hamburg, Germany, the company employs 65 people at 12 locations in Germany and Austria. CORESTATE Group’s assets under management are expected to amount to c. EUR 22bn at year end.
The two founders of ATOS, Udo Stocker and Dr. Michael Hermes, will assume the overall management and coordination of the CORESTATE Group’s asset management business. Udo Stocker has more than 20 years of experience in the property market specializing in project development and asset management. In 1999, in conjunction with Peabody, he led the management buyout of HPE and sold the group to GE Capital in 2005.
Dr. Michael Hermes has over 14 years of experience in real estate and management. He began his career with the Boston Consulting Group, where he managed consulting projects in various sectors, although primarily in the real estate industry. Later, he was responsible for the property business of Viterra. Following the sale of the company to financial investor Terrafirma and the merger with Deutsche Annington, he then headed the German property investment unit of Cerberus.
The purchase price for ATOS was not disclosed, however, it is less than 5 times its 2018 expected net income.
The ATOS Group manages two separate funds for German institutional investors for commercial real estate which will be expanded after integration of ATOS into the CORESTATE Group.
Sascha Wilhelm, CEO of CORESTATE: “The acquisition of ATOS is in line with of our strategy to integrate interesting, undervalued asset managers. In addition, there is an important strategic component of the transaction because it boosts our management team, positioning us well to drive superior performance for our investors. The current ATOS Managing Directors, Udo Stocker and Dr. Michael Hermes, will jointly lead the real estate asset management operations of the CORESTATE Group. Moreover, we like the stable and recurring earnings of ATOS in combination with interesting synergy potentials regarding the cost optimization in the group. The accretive effect for our shareholders is positive and the future earnings from this inorganic growth are not included in our current financial outlook for 2018.”
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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 22bn* 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 41 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 500 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.