Corestate Capital's interim CEO, Lars Schnidrig, has been confirmed in the role for the next four years by the Luxembourg-headquartered firm.
Chief financial officer Schnidrig stepped up temporarily at the start of January when former Corestate CEO Michael Bütter unexpectedly left the firm after six months in the role. Schnidrig was asked to take the reins alongside another board member, Thomas Landschreiber, the company's founder and chief investment officer.
Corestate did not provide a reason for Bütter's exit at the time, but issued a statement on December 29 announcing that the firm 'terminates the employment of Michael Bütter and revokes the employment contract by the end of the year'. Bütter said Corestate had terminated his employment by mutual agreement.
The firm went on to comment that the Bütter's departure 'neither has any conjunction with the operational performance nor with the strategic orientation of the company'.
The announcement of Schnidrig's appointment came alongside the confirmation of Landschreiber in the CIO role for another three years.
'We are very pleased to have Lars Schnidrig, a high-profile candidate, serve as our CEO and thus ensure continuity in the management of the group,' said Micha Blattmann, chairman of the supervisory board.
'As CFO of Corestate since July 2017, he has provided significant entrepreneurial impetus, put the group on a very solid financial footing and accompanied the strategic transformation process with a high level of personal commitment,' Blattmann added. 'Together with co-founder Thomas Landschreiber, who has been a successful chief investment officer for many years, he will consistently develop the company further.'
'I will now do everything in my power to further implement our ambitious growth targets,' Schnidrig commented. 'We will achieve this with innovative products, by accessing new groups of investors and by pursuing an absolute customer focus.
'As in the past, we will also exploit opportunities for value-creating inorganic growth and focus on strategic partnerships. Together with Thomas Landschreiber, I intend to develop Corestate into the most attractive platform for real estate investments in Europe,' Schnidrig added.
According to Corestate, Schnidrig's responsibilities will include the strategic orientation of the company as well as the areas of M&A, finance, investor relations, communications, legal affairs and human resources. Landschreiber will continue to be responsible for the group’s operative business with a focus on equity raising and investment management.