Corestate takes over mezzanine financer HFS


Corestate is acquiring HFS Helvetic Financial Services. The Swiss fund advisor considers itself to be the leading provider of mezzanine financing in the German residential and commercial real estate market. The purchase price is in the “middle triple-digit millions”; Corestate is paying it with 7.4 million new shares (which corresponds to a stock market value of €350mn) plus leverage and its own funds. At the same time, Corestate announces the integration of Hannover Leasing. With the closing of both transactions, Corestate’s assets under management will grow to €20bn, and the firm is significantly boosting its annual forecast for consolidated net profit (before extraordinary effects) from €36-37mn to €85-90mn due to the acquisitions. Thomas Landschreiber, co-founder and Chief Investment Officer of Corestate, will be serving on the HFS Administrative Board along with Norbert Ketterer (Chairman of the Administrative Board) and Marcellino Graf zu Hoensbroech. Corestate CFO Daniel Schoch is leaving the board by mutual agreement, remaining with the company as senior advisor. He is succeeded on the board by Lars Schnidrig (44), how most recently worked for Vonovia as Head of Finance and Treasury.

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