DGAP-News: CORESTATE and Bain Capital Credit agree to a strategic partnership for Micro Living Assets in Poland

CORESTATE and Bain Capital Credit agree to a strategic partnership for Micro Living Assets in Poland

CORESTATE expands its pan-European market leadership in micro living Long-term partnership also includes development of further country strategies

Frankfurt, 19 December 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has agreed a new partnership with Bain Capital Credit. Bain Capital Credit is a leading global credit specialist with approximately USD 41 bn in assets under management. The agreement establishes a financing partnership in Poland within the Micro Living sector, specifically to coinvest in properties and convert them into student housing. The partnership has the initial capability to develop up to EUR 500 mn GAV. The agreement also includes asset and property management contracts.

Lars Schnidrig, CEO CORESTATE Capital Group: "Our partnership with Bain Capital Credit underscores our ability to offer convincing fully integrated solutions with our one-stop-shop approach. Crucial for Bain Capital was our ability to act as a co-investor with aligned interest. With Bain Capital we have found a partner with strong real estate experience across Europe with whom we will continue our successful growth story in the European Micro Living sector."

Fabio Longo, a Managing Director and Head of Bain Capital Credit's European Non-Performing Loan & Real Estate business: "We are pleased to have partnered with Corestate on our first student accommodation venture in Poland, where there is significant potential to create value and add to our substantial European real estate portfolio. The undersupply of quality student housing alongside the growth in international student numbers and strong investor appetite for such assets creates highly favourable investment conditions."

The first project developments for student housing are planned at the most important university locations in Poland. CORESTATE has already acquired the first suitable properties and is currently examining further acquisitions. All of the planned locations have in common the high demand for modern living space geared to today's student needs that is not met by current supply. This applies both to the number of flats/apartments and to the quality of the furnishings.

 

Press Contact CORESTATE
Jorge Person
T: +49 69 3535630-136 / M: +49 162 2632369
jorge.person@corestate-capital.com

IR Contact CORESTATE
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com

Press Contact Bain Capital Credit
Hazel Stevenson
T: +44 20 3757 4989
hazel.stevenson@camarco.co.uk

About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately €26 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices, e.g. in Frankfurt, London, Madrid, Singapore and Zurich. The company employs around 700 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further informatioy be found at www.corestate-capital.com.

About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $41 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm's shared platform to capture opportunities in strategic areas of focus.

Forward-looking statements
This press release may contain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at ir.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.