Corestate Capital Holding has secured a €343 mln debt facility from Stuttgart-based bank LBBW to finance the seed portfolio of the high-street fund managed on behalf of Germany's largest pension fund BVK.
Corestate, a European investment manager and co-investor based in Luxembourg, has an asset-management mandate for the €687 mln portfolio, which was launched on Universal-Investment's platform since mid-2017.
The portfolio encompasses 90 assets across Germany, which Corestate originally acquired and held in several portfolios in its club deal programme.
The debt facility has a maturity of 10 years. 'We did not only manage to achieve an attractive interest rate in the current volatile credit market environment but additionally took the interest rate risk out of the equation for the BVK portfolio,' said Lars Schnidrig, chief financial officer at Corestate.
Corestate is listed on the regulated market (SDAX) of the Frankfurt stock exchange and has €22 bn of assets under management in Europe. This includes a portfolio of 200 high-street assets with a total investment volume of over €2 bn in German mid-sized cities.
Pictured: Lars Schnidrig, chief financial officer at Corestate Capital Holding