DGAP-Adhoc: Corestate makes substantial impairments in the Real Estate Debt segment
DGAP-Ad-hoc: Corestate Capital Holding S.A. / Key word(s): Miscellaneous/Profit Warning
Corestate makes substantial impairments in the Real Estate Debt segment
14-Jun-2022 / 13:55 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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:
Dr. Kai Gregor Klinger
Chief Markets Officer
T: +49 69 3535630-107
M: +49 152 22755400
ir@corestate-capital.com
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End of Announcement DGAP News Service
1375291 14-Jun-2022 CET/CEST