Corestate makes substantial impairments in the Real Estate Debt segment
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DGAP-Ad-hoc: Corestate Capital Holding S.A. / Key word(s): Miscellaneous/Profit Warning Corestate makes substantial impairments in the Real Estate Debt segment Frankfurt, 14 June 2022 – The Management Board of Corestate Capital Holding S.A. (Corestate) has decided in its meeting today to recognize impairments on the goodwill and brand value as well as a risk provision for outstanding performance fees and bridge loans of Helvetic Financial Services (HFS) in the total amount of approximately € 392 million. The starting point for the Management Board was the decision of the independent fund manager (Kapitalverwaltungsgesellschaft) to suspend the redemption of unit certificates for the Stratos II fund advised by HFS until further notice and to prepare a possible restructuring and continuation of the fund. In the light of the major financial significance of the fund for HFS's short to medium-term business prospects, this subsequently leads to a strategic reassessment and adjustment of the corresponding balance sheet items. In addition, the Management Board has decided in view of the significant deterioration in the macroeconomic environment to adjust the goodwill of Corestate Bank by approximately € 61 million as well. Notifying person:
14-Jun-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Corestate Capital Holding S.A. |
| 4, Rue Jean Monnet | |
| L-2180 Luxembourg | |
| Luxemburg | |
| Phone: | +49 69 3535630-107 |
| Fax: | +49 69 3535630-299 |
| E-mail: | IR@corestate-capital.com |
| Internet: | www.corestate-capital.com |
| ISIN: | LU1296758029 |
| WKN: | A141J3 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1375291 |
| End of Announcement | DGAP News Service |
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1375291 14-Jun-2022 CET/CEST
