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.


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