Report

The investment manufactory

Corestate Capital (CCAP) is an integrated real estate investment manager providing a range of asset management products and services. It focuses on commercial and residential property in Germany, Austria and other European markets, often co-investing with its family office, and institutional and high net worth investor clients. The pending acquisition of Hannover Leasing (HLG) will make it one of the leading real estate fund managers in German-speaking Europe, with AUM of €16bn. No details of the transaction have been disclosed. Even without factoring in the financial impact of the HLG deal, CCAP is trading on a P/E ratio of 17x and yielding nearly 5%.
Underlying
CORESTATE Capital Holding SA

Corestate Capital holding is a holding company. With its group companies, Co. offers a range of real estate investment management services, such as investment, fund, asset, property and facility management. Co.'s product offering primarily covers residential, commercial and microliving assets (including developments) and addresses all risk/return profiles, i.e. from core/core plus to value add/opportunisitc. Clients include semi-institutional investors (HNWIs and family offices) as well as institutional investors. Co.'s key market is Germany. Additional activities focus on other European countries such as Austria and Spain as well as the Benelux countries.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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