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“CORESTATE Group just acquired a residential real estate portfolio in need of restructuring and consisting of 137 properties (about 2,300 apartment units) for the price of approximately 77 million EUR. Most of the apartment units are located in North Rhine-Westphalia and were acquired by foreign investors during the peak cycle of the German real estate market. The financing of the portfolio is handled by a German state bank. This is the third transaction Corestate Group has realised in 2010 where borrower and financing bank diagnosed substantial deviations from the originally planned business performance.
Said Ralph Winter, Founder of CORESTATE: “In a professional accord between the financing bank and the proprietor, we found the best solution to return the seriously exposed loan commitment to a courseof sustainable performance. The equity capital committed by us will help to stabilise the cash flow and to professionalise the tenant management."
CORESTATE Capital AG is a real estate investor seated in Zug/Switzerland, with partner branches in Frankfurt, London and Luxembourg. The company commits equity in various real estate asset classes and in corporate shares. With a staff of more than 50 professionals, CORESTATE Group is active as principal investor, co-investor, seller and asset manager. Clients investing through CORESTATE Group are international institutional investors. CORESTATE Group holds a majority interest in YOUNIQ AG, Frankfurt, which specialises in the development of student lifestyle apartments in the business segment of student living”. (CS della Società)
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