Takeover of Aggregate Financial Services by CORESTATE Capital Group completed
Corestate completed the takeover of Aggregate Financial Services GmbH (“AFS”). The newly acquired securities trading bank is to operate on the market as “Corestate Bank” in the future, with operative integration slated for completion in the second quarter.
- Private debt a key driver of growth in the corporate strategy
- New, fully integrated platform in the future under the “Corestate Bank” brand
- BaFin licence as a securities trading bank opens up access to the secondary market and expands the range of structuring and issuing services
- Leading market position in the mezzanine business solidified through product innovation
- Acquisition expected to contribute over € 15m in revenues and around € 10m in EBITDA in 2021
Frankfurt, 26 May 2021 – Corestate Capital Group (“Corestate”), a leading independent real estate investment manager in Europe, completed the takeover of Aggregate Financial Services GmbH (“AFS”). The newly acquired securities trading bank is to operate on the market as “Corestate Bank” in the future, with operative integration slated for completion in the second quarter.
René Parmantier, CEO of Corestate: “The real estate private debt market is benefiting from long-term and sustained drivers such as the rising regulatory requirements for banks, urbanisation and demographic change. As a financing platform for the entire real estate life cycle with recently expanded product expertise and an already leading position in the market, the future Corestate Bank will profit disproportionately from this growth and build further on its many years of success. There are also synergy effects and cross-selling potential of at least € 10m a year on both the client and offer side from which Corestate’s real estate equity business also stands to benefit greatly through expanded and early access to real estate projects.”
Sebastian Ernst, founder of AFS and a member of the Management Board at Corestate: “Both sides, AFS and HFS, already complement each other perfectly in terms of their offerings and client structures. Nevertheless, we will continue consistently developing new, high-margin products and services for our clients as in the past.” Johannes Märklin, also a founder of AFS and a member of the Management Board at Corestate, adds: “The timing of the merger is ideal. Precipitated by the crisis, traditional banks are taking a noticeably more restrictive approach to lending – yet the shortage of housing in many major German cities can only be lastingly counteracted by solidly financed large-scale projects. We are a decisive player in this market.”
The acquisition of AFS took part as a capital increase against contribution in kind by issuance of 8.5m new Corestate shares, which will be admitted to trading on the Frankfurt Stock Exchange in the weeks ahead and upon meeting all prerequisites, as well as a cash component of € 5m. By way of a lock-up agreement of three and five years with their approximately 2.5 million shares, Sebastian Ernst and Johannes Märklin have decided to stay with Corestate in the long term, reaffirming their sustained commitment to the company and all of its stakeholders. The remaining approximately 6 million new shares are subject to a lock-up of one year. Corestate expects a positive contribution from the acquisition of more than € 15m in revenues and around € 10m in EBITDA for the current year. As expected, the costs of the acquisition totalled between € 5m and € 10m and were already taken into account in the financial outlook for 2021.
For further information, please see the press release on the CORESTATE website.
Archive
- CORESTATE Bank arranges a financing for a mixed-use project development in Frankfurt am Main with a total volume of EUR 90 million.
- CORESTATE Bank secures EUR 18m acquisition financing for a sustainable development project between Berlin and Brandenburg
- CORESTATE Bank arranges a financing for a mixed-use project development in Frankfurt am Main
- CORESTATE Bank arranges the acquisition financing of EUR 32 million for a buy and hold portfolio of 21 properties.
- CORESTATE Bank arranges EUR 75 million financing for an office development in Munich, Germany
- CORESTATE Bank advises on an acquisition financing for a mixed-use project development in Berlin with a total volume of EUR 85 million
- CORESTATE Bank arranges a EUR 130 m bond for the acquisition of a development site in Berlin
- CORESTATE Bank arranges a financing for a residential development in Munich in the amount of EUR 21.5m
- CORESTATE Bank advised on the successful execution of the acquisition financing for a buy and hold portfolio of 10 project developments.
- CORESTATE Bank successfully supported the acquisition financing of a residential building land portfolio in the surroundings of Berlin.
- Complex project financing of the purchase and development of the “FÜRST” project in Berlin
- Aggregate Financial Services advises a real estate fund on the refinancing of an office building in the amount of EUR 25m
- Aggregate Financial Services advises a real estate fund on the refinancing of a training and administration building in the amount of EUR 14m
- Aggregate Financial Services successfully supported the refinancing of a EUR 30 million senior tranche of an acquisition and development financing in Hamburg.
- Aggregate Financial Services is structuring and arranging construction financing in the amount of EUR 296 million for the completion of four properties in Berlin.
- Aggregate Financial Services arranges a EUR 65m subordinated secured financing for the completion of several residential properties in Berlin.
- Aggregate Financial Services advised on the successful EUR 20.8m financing for a project development in Berlin.
- CORESTATE Capital Group acquires Aggregate Financial Services GmbH
- Aggregate Financial Services arranges a short-term unsecured corporate financing for a German listed real estate company
- Aggregate Financial Services arranges a financing in the amount of EUR 38m for an office property in Frankfurt am Main
- Aggregate Financial Services structures and arranges the issuance of secured bonds in the aggregate amount of EUR 42m for the acquisition of a primarily residential portfolio located in North Rhine-Westphalia, Saxony and Lower Saxony
- Aggregate Financial Services structures and arranges the financing in the amount of EUR 25 m for acquisition of building land in the surroundings of Berlin
- Aggregate Financial Services advised on the issuance of a tap of the senior unsecured bond of Aggregate Holdings SA with a volume of EUR 100m to a total nominal amount of EUR 500m
- Aggregate Financial Services advised on the issuance of a successfully placed senior unsecured bond of Aggregate Holdings SA with a total nominal amount of EUR 400m.
- Aggregate Financial Services arranged for the extension of the maturity date for a EUR 170m financing for the development of a large quarter development in Hamburg.
- Aggregate Financial Services arranged and structured the extension of the maturity date for a EUR 130m bond financing for the construction of a multi sector development site.
- Aggregate Financial Services structures and arranges the acquisition financing in the amount of EUR 65 Mio. for the development “Merton Q” in Frankfurt am Main.
- Aggregate Financial Services arranges and structured the refinancing of the acquisition bridge financing on a medium-term basis for the area of the former Gerresheim glas factory.
- Aggregate Financial Services structured & advised on the successful EUR 200m financing for the development “Prata Riverside Village” in Lisbon (Portugal)
- Aggregate Financial Services advised on the successful EUR 20.9m bridge financing for a project development in Frankfurt/Main.
- Aggregate Financial Services advises in relation of the takeover of a German listed real estate company and the implications of the change of control on their EUR 4.8 billion loan portfolio.
- Aggregate Financial Services arranged and structured the increase of the existing financing based on the development progress of the IBM Campus Stuttgart Vaihingen project.
- Aggregate Financial Services arranged and structured the securitization of a EUR 23.7 Mio. secured senior loan position of a German public sector bank together with its securitization partner.
- Aggregate Financial Services arranged and structured the acquisition financing on a short-term basis for the area of the former Gerresheim glas factory.
- Aggregate Financial Services advised successfully on the financing of a hotel development in Hamburg with an initial amount of EUR 10m
- Aggregate Financial Services arranged and structured a EUR 130 Mio. bond financing for the further construction of the Eastern part of the development site.
- Aggregate Financial Services advised on the successful EUR 109m financing for the acquisition and development of the “Benrather Gärten” property in Düsseldorf.
- Aggregate Financial Services advised on the successful EUR 170m financing for the development “Holsten Quartier” in Hamburg.
- Aggregate Financial Services advised on the successful EUR 18m financing for the development “Mariannenpark” in Leipzig.
- Aggregate Financial Services advised on the successful EUR 51.5m financing for the development “Ostforum” in Leipzig.
- Aggregate Financial Services advised on the successful EUR 148.5m financing for the development of condominiums on the “Wilhelm” property in Berlin.
- Aggregate Financial Services advised on the successful EUR 2.5m maturity extension for a hotel development close to the Hamburg Airport
- Aggregate Financial Services successfully advised on the succesful EUR 560m construction financing for Quartier Heidestrasse in Berlin.
- Aggregate Financial Services advised on the issuance of a successfully placed senior secured corporate bond (Senior Secured Notes) of CONSUS Real Estate AG with a total nominal amount of EUR 400m.
- Aggregate Financial Services advised on the successful EUR 50m bridge financing for a commercial development in a prime location in Frankfurt/Main.
- Aggregate Financial Services advised on the successful EUR 40m financing for the the acquisition of a property in Hamburg.
- Aggregate Financial Services advised on the successful EUR 8m acquisition financing for a property in Kiel.
- Aggregate Financial Services advised on the successful EUR 56.5m financing for the development of a hotel and office building in Berlin.
- Aggregate Financial Services has advised Consus Real Estate AG successfully on the acquisition of SSN Group AG