DGAP-News: Corestate: René Parmantier becomes new CEO - Lars Schnidrig remains on board as CFO

Corestate: René Parmantier becomes new CEO - Lars Schnidrig remains on board as CFO

• Continuity in the corporate strategy
• Strengthening product focus in the Core/Core+ area
• Expansion the private debt business
• Debt reduction course to be continued

Luxembourg, 30 November 2020 - The Supervisory Board of Corestate Capital Holding S.A. has appointed René Parmantier as the new Chairman of the Management Board (CEO) with immediate effect and for a term of 3 years. The 45-year-old has more than 25 years of professional experience in the financial industry. For the past twelve years he has been CEO of Oddo Seydler Bank AG (formerly Close Brothers Seydler Bank AG). During this time, he has advised on more than 200 financing and M&A transactions in the German real estate sector and in particular has acquired an extensive personal network and many years of experience in private debt.

The previous chairman of the board, Lars Schnidrig, was also appointed Chief Financial Officer with immediate effect and a term of 3 years. Schnidrig already held this position for Corestate in 2017 and 2018. Nils Huebener and Daniel Loehken remain on the Management Board as Chief Investment Officer and Chief Legal & HR Officer respectively. The originally designated CEO Klaus Schmitt will not take office on 1 January 2021.

With these personnel decisions, the new Supervisory Board confirms the corporate strategy adopted in 2020, particularly with regard to the consistent reduction of net debt and the further development of the investment management focus towards Core/Core+. In addition, René Parmantier will contribute his many years of expertise in private debt and real estate financing and will further strengthen this area.

Friedrich Munsberg, Chairman of the Supervisory Board, says: "With René Parmantier, we have been able to gain an experienced and dynamic new CEO. He will make a decisive contribution to ensuring that the company accelerates its growth course again in the coming years. I am also extremely happy to have Lars Schnidrig joining this new Management Board, returning to his former role as Chief Financial Officer, a position that he has successfully held in the past with focus on deleveraging and shareholder's profitability."

René Parmantier said: "I am very much looking forward to my new role at Corestate. In my professional career, transactions and financing for real estate companies have always played a major role. I can now bring this experience to Corestate. I see considerable growth potential both in the existing product area of investment management and, above all, in the private debt segment. The market continues very strongly on the transactions side, also valuations getting richer and the mezzanine business to remain strongly and Assets under Management envisaged to grow. I am grateful for the confidence placed in me."

Lars Schnidrig says: "In the crisis year 2020, we have already prepared ourselves very well for the expected upswing after the end of the pandemic. In addition to the further development of our product portfolio, this includes above all the initiation of a programme to reduce customer-related balance sheet items and thus release liquidity. I am very confident that the new Management Board team will be able to report significant successes in this area in the short term and that we will also be able to make further progress in profitability and sales growth in the new year on the basis of a more efficient cost structure".

Press contact
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
[email protected]

Investor Relations contact
Mario Groß
T: +49 69 3535630-106 / M: +49 162 1036025
[email protected]

About CORESTATE Capital Holding S.A.

CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with assets under management of well over 28 billion euros. As a fully integrated real estate platform, CORESTATE offers its clients sound expertise in the areas of investment and fund management as well as real estate management services from a single source. The company is internationally active as a respected business partner for institutional investors and wealthy private investors. The company is headquartered in Luxembourg and has 42 additional offices in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam, among others. CORESTATE has around 800 employees and is listed on the Frankfurt Stock Exchange (SDAX). Further information can be found at www.corestate-capital.com.

Future-oriented statements

This press release may contain certain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those described in published reports. These reports are available on our website corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. No inappropriate significance should be attached to forward-looking statements whose effect only relates to the date of this announcement.