Corestate Capital's former chairman of the supervisory board, Stavros Efremidis, has been appointed as CEO.
The news was revealed as the company announced its preliminary results, in which the firm said that its forecast for 2021 had been achieved. Corestate registered aggregated revenues and gains in core business up 33% to € 215 mln, with adjusted EBITDA increasing from €16 mln to €90 mln.
Corestate is in the middle of plans to sell off its property management arm and spin off non-core activities to focus on its real estate asset management business.
According to the firm, Efremidis will spearhead this repositioning. He commented: 'Focusing on our core business while establishing new and transparent corporate governance with a dynamic team will help to leverage numerous previously untapped potentials.
'Against this backdrop and given the ongoing positive market development in the real estate sector, we expect annual organic growth in assets under management of around 5-10% in the medium term.
'We are also stepping up our efforts to reduce our co-investments in the coming months and will be lowering our leverage ratio to 2x to 3x in 2022 – in the medium term it should even fall below 2x. Once the refinancing is completed, we will position Corestate as an attractive growth and dividend stock.'
As part of the management reshuffle, Izabela Danner will join the management board as chief operating officer from within Corestate itself, while Ralf Struckmeyer will join as chief investment officer. Former CEO René Parmantier will take over the management of the real estate financing business, to drive forward with the planned growth in this area. He leaves the group’s management board for regulatory and supervisory reasons.
Together with Efremidis and chief financial officer Udo Giegerich, the new management board will consist of four members. The previous deputy chairman, Dr. Bertrand Malmendier, will take over as chairman of the supervisory board. Dr. Roland Folz joins the supervisory board as a new member
Added Efremidis: 'Our previous CEO, René Parmantier, has done an outstanding job for the company over the past 15 months. He achieved an impressive turnaround and now intends to tap into the potential of the debt business resulting from the group’s current and future market opportunities.
'I am deeply grateful for his initiative in this matter and very much look forward to continuing to work with him and my new colleagues on the management board and supervisory board.'
