Corestate repays securitised loan ahead of schedule

Swiss real estate investor Corestate said on Tuesday that it has repaid a securitised loan of €121.5 mln to Hatfield Philips International nine months ahead of maturity.

Zug-based Corestate assumed the existing loan in May 2010 with the purchase of a distressed portfolio of 2,200 commercial and residential units located throughout the city of Berlin.

Corestate has since improved the occupancy rate of the assets and sold them in four transactions within 24 months.

'Our integrated investment and asset management platform is not only able to improve the performance of a portfolio but also makes use of our various sales channels to realise the created value,' said Thomas Landschreiber, chief operating officer of Corestate. 'Thereby we cover the entire value chain of real estate investing for our co-investors.'

With offices in Frankfurt, Essen, London, Singapore and Luxembourg, Corestate is an independent and management-owned investor and asset manager.