Swiss investment manager Corestate completed transactions amounting to almost €1 bn in the course of 2013, generating an average internal rate of return for its investors of 32%.
Swiss investment manager Corestate completed transactions amounting to almost €1 bn in the course of 2013, generating an average internal rate of return for its investors of 32%.
The Zug, Switzerland-based investor bought €460 mln of assets over the year and divested another €481 mln of properties.
In a statement, Corestate said that the overall result for investors who participated in these club deals was an average equity multiple of 1,6 times.
'Investors value our transparent deal-by-deal approach and exit-driven business model,' commented Thomas Landschreiber, Corestate's chief operating officer. 'We focus on creating value in real estate as opposed to passive buy-and-hold strategies. We have already in 2013 laid the groundwork for a successful 2014, now with over 150 employees with a very "hands-on" management approach.'
In addition to its opportunistic strategy, Corestate plans to be active in the core-plus and value-add spectrum this year.
'Besides our recent activities in Central Europe, we will also target anti-cyclical investments across the continent,' added Landschreiber, pointing to stressed markets such as Spain and the Netherlands. 'They show an increasing number of investment opportunities at measurable risk. Still, with interest rates at an all-time low, Germany continues to offer an extremely good environment rarely found elsewhere in Europe,' he noted.