Swiss investment manager Corestate Capital has acquired HFS Helvetic Financial Services, expanding its mezzanine real estate financing capabilities and funds business.
The firm also announced that it had completed the integration of Hannover Leasing Group, which, along with the purchase of HFS, brings its assets under management to €20 bn.
According to Corestate, the purchase price for HFS is in the mid-three-digit million range, and is being financed through the issuance of 7.4 million new shares against contributions in kind from authorised capital to HFS's shareholders, as well as from borrowed capital and its own funds.ù
As a result of the deal, Corestate has raised its forecast for the current financial year from a net profit of €36-37 mln to €85-90 mln.
