Corestate: Profits down, forecast unchanged
Corestate is reporting a drop in earnings by 5.3 % to €58.6mn during the 1st quarter. Adjusted group earnings declined by nearly a quarter compared to the previous year to €26.3mn. Still, the company states it had a solid start to the year and explains the difference with an unusually large micro-living transaction during the previous quarter. This is most likely the €670mn purchase of five projects from CG Group for a BVK (Bavarian Pension) fund. The executive board is sticking to its forecast for the year of €285mn to €295mn in revenue and €130mn to €140mn adjusted group earnings. “Apart from our existing business, we are currently preparing a number of new placements, for instance several micro-living products, the extension of our private debt line, or regional residential property funds,” says CEO Lars Schnidrig. The portfolio has grown further since late 2018 and is now worth €26bn for the first time. The deal pipeline is quoted at €6.1bn; for 10 % of which Corestate is the only remaining bidder.
Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.