The investment manufactory

Corestate Capital (CCAP) is an integrated real estate investment manager providing a range of asset management products and services. It focuses on commercial and residential property in Germany, Austria and other European markets, often co-investing with its family office, and institutional and high net worth investor clients. The pending acquisition of Hannover Leasing (HLG) will make it one of the leading real estate fund managers in German-speaking Europe, with AUM of €16bn. No details of the transaction have been disclosed. Even without factoring in the financial impact of the HLG deal, CCAP is trading on a P/E ratio of 17x and yielding nearly 5%.