German regulatory body BaFin has approved Corestate Capital's takeover of fund manager Hannover Leasing Group for an undisclosed sum.
The Swiss investment manager annnounced in December 2016 its intentions to purchase a 94.9% stake in Germany's Hannover Leasing Group from majority shareholders Landesbank Hessen-Thüringen Girozentrale (Helaba) and Hessisch-Thüringische Sparkassen-Beteiligungsgesellschaft (HTSB).
The deal, which is now expected to close in July, brings Corestate's assets under management to around €16 bn. Helaba will remain as a minority shareholder with a 5.1% stake in Hannover Leasing.
'The takeover of Hannover Leasing represents an attractive combination of contract-secured long-term asset management and great potential for new business,' commented Sascha Wilhelm, Coresetate's CEO.
'We are expanding and diversifying the product offering and improving our access to new sources of capital As part of the integration of Hannover Leasing into the Corestate Group,' Wilhelm added.
'We are pleased that Corestate is opening up a new strategic perspective to the fund business of Hannover Leasing and will continue to lead the company's portfolio funds responsibly,' concluded Thomas Gross, deputy chairman of the board of management of Helaba.
