CORESTATE Capital Group

What CORESTATE Capital Group does

CORESTATE Capital Holding S.A. is a Luxembourg-domiciled, Frankfurt-listed (General Standard) integrated investment and asset management platform focused on European real estate. Founded in 2006, the group historically scaled through 2017 acquisitions of Hannover Leasing, Helvetic Financial Services AG, and ATOS Group, peaking at approximately EUR 28 billion in assets under management (AUM) in 2017-2018 and reporting EUR 292 million in aggregated revenue for fiscal year 2018. After 2017 listing, the company pursued pan-European expansion including student housing via the 2018 CRM Students acquisition. Following macroeconomic stress, a 2022-2024 financial restructuring refocused the parent into a holding entity, with operational delivery delegated to subsidiaries — most notably Hannover Leasing — and with European offices in Luxembourg, Frankfurt, Munich, and Paris.

The platform targets three customer segments: institutional investors (pension funds, insurance companies, sovereign wealth funds) seeking exposure to real-asset themes such as urbanization, demographics, and sustainability; semi-institutional investors (family offices, mid-sized asset managers, wealth managers) seeking co-investment and fund participation; and high-net-worth private investors requiring curated access to institutional-quality real estate. Investment vehicles are structured as closed-end funds and direct co-investments with multi-year lock-ups, and the platform covers the full real estate value chain from acquisition through asset management to disposal, supported by proprietary ESG expertise.

Revenue is dominated by recurring management fees on AUM (approximately 85% of total income historically), supplemented by transaction and performance fees from acquisitions, disposals, and successful investments, plus co-investment real estate income. Distribution is B2B direct institutional sales through senior relationship managers and a dedicated investor relations function. Following the restructuring, the company has run an Asset Disposal Program — including the 2025 sale of French subsidiary STAM Europe and a ~35% stake in the Royal Liver Building investment vehicle — with proceeds applied to Super Senior Note partial repayment and a bondholder agreement to extend Senior Note maturities.

Name

CORESTATE Capital Group

Legal name

CORESTATE Capital Holding S.A.

Website

https://corestate-capital.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

CORESTATE Capital Holding S.A. is a Luxembourg-listed, Frankfurt-quoted integrated real estate investment and asset management platform that manages approximately EUR 12 billion in AUM, serving institutional, semi-institutional, and high-net-worth investors across Europe through subsidiary Hannover Leasing.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industry

Real Estate Funds — Core-Plus (FSANAEAG)

Keywords

• Real estate investment management
• Institutional asset management
• Real estate fund management
• Property investment advisory
• Real estate platform services

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Recurring management fees from assets under management, representing approximately 85% of total income. Fee income generated from real estate fund management and advisory services.
2. Transaction and Performance Fees: One-time fees from acquisitions, disposals, and transaction processing. Performance-based income from successful investments.
3. Real Estate Investment Income: Income from direct real estate investments and co-investments in properties across European markets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

CORESTATE Capital Holding S.A. is a Luxembourg-based integrated investment and asset management platform focused on real estate. It manages approximately EUR 12 billion in assets under management, offering institutional and semi-institutional investors as well as high-net-worth private investors exposure to real estate trends including urbanization, demographic change, and sustainability. Revenue is generated primarily through recurring management fees (~85% of total income), transaction and performance fees, and real estate investment income, with operations spanning Luxembourg, Germany, France, and other European countries.

Product overview

CORESTATE Capital Holding S.A. is a Luxembourg-based investment and asset management holding company. The company operates as a unified Real Estate Asset and Investment Management platform for institutional clients, offering services spanning the entire real estate value chain—from acquisition through property management to sales. The core offerings include Real Estate Asset Management and Investment Management through its Immobilien-Plattform (Real Estate Platform), supported by subsidiaries Hannover Leasing and STAM Europe. The platform enables investors to participate in large societal trends including urbanization, demographic change, and sustainability. With approximately EUR 12 billion in assets under management (as of end-2023) and over 100 experts, the company serves institutional and semi-institutional investors as well as high-net-worth private investors across offices in Luxembourg, Frankfurt, Munich, and Paris.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Asset Management Core investment management service focusing on real estate assets for institutional clients, managing approximately EUR 12 billion in assets under management as of December 31, 2023.
• Investment Management (Societal Trends Real Estate Products) Investment management services enabling institutional and private investors to participate in large societal trends such as urbanization, demographic change, and sustainability through CORESTATE's real estate platform.
• Immobilien-Plattform (Real Estate Platform) Comprehensive real estate platform offering acquisition, management, and sales services, providing investors access to investment opportunities in societal trends across the full real estate value chain.
• Hannover Leasing Real Estate Investment Products Real estate investment and leasing products offered through CORESTATE's wholly-owned subsidiary Hannover Leasing GmbH & Co. KG, managing properties across Germany and Europe as one of the group's core operating platforms.

Quantifiable outcome

• Assets under management: EUR 12 billion (2023), previously EUR 25+ billion (2018 peak)
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Princes LimitedminorOthers · 22 July 2025Princes Limited, a leading UK food and beverage company headquartered in Liverpool, acquired the approximately 35% stake in the Liver Building Co investment vehicle from CORESTATE via Hannover Leasing for approximately GBP 57 million.
• Hannover Leasing GmbH & Co. KGcoreOthersHannover Leasing is a wholly-owned subsidiary of CORESTATE Capital Holding S.A. The company specializes in real estate investment and leasing services, managing properties across Germany and Europe. Hannover Leasing represents the core operating platform for CORESTATE's investment activities.
• STAM Europe SAScoreOthersSTAM Europe is a French subsidiary of CORESTATE specializing in European real estate asset management. The company was sold in 2025 as part of CORESTATE's asset disposal program to reduce debt.
• KPMGcoreImplementation/ SI/ Consulting PartnerKPMG serves as the appointed auditor for CORESTATE's annual financial statements. The firm was selected as auditor following the restructuring period, providing external audit and financial reporting oversight.

Scale indicators7 records

Recent moves8 records

Expansion highlights3 records

Direct peers

• PATRIZIA SE: PATRIZIA is a Germany-headquartered, European-focused real estate investment manager operating as an integrated platform across acquisitions, asset management, and fund management for institutional and semi-institutional investors. It is the most directly comparable listed peer to CORESTATE given similar pan-European footprint, institutional client focus, and integrated investment platform model.
• Deka Immobilien Investment GmbH: Deka Immobilien is one of Germany's largest real estate investment managers, operating open-ended real estate funds and managing tens of billions in AUM for institutional and retail investors. Comparable to CORESTATE in serving institutional clients with diversified European real estate strategies via a fund-based model.
• Catella AB: Catella is a Stockholm-based European real estate investment manager with operations in Germany, the Nordics, and other European markets, managing real estate funds and providing investment advisory services. Comparable to CORESTATE as a mid-sized pan-European real estate asset manager with German footprint.
• Union Investment Real Estate GmbH: Union Investment Real Estate is a major German real estate asset manager within the Union Investment Group, managing open-ended real estate funds and direct mandates for institutional investors across Europe. Comparable to CORESTATE in core-plus/value-add real estate investment management for German institutional capital.

Emerging players

• Real IS AG: Real IS is a Munich-based real estate investment manager specializing in German and European real estate for institutional investors. Comparable to CORESTATE in the German institutional real estate fund management segment, though with a more focused product set and smaller AUM.
• Empira Group: Empira is a German real estate investment and development firm focused on institutional capital deployment in residential and commercial real estate. Comparable to CORESTATE in the German institutional real estate management space, though smaller and with a more development-oriented focus.

Regional players

• HANSAINVEST Real Assets: HANSAINVEST is a German investment company managing real estate and other alternative investment funds for institutional clients in the German-speaking region. Comparable to CORESTATE's German core-plus/value-add real estate fund focus, particularly overlapping with Hannover Leasing's traditional German institutional investor base.

Broad incumbents

• CBRE Investment Management: CBRE Investment Management is the global real estate investment management arm of CBRE Group, one of the world's largest commercial real estate services firms. Comparable to CORESTATE in institutional European real estate fund management, though operating as part of a much broader real estate services and investment platform.
• Schroders Capital Real Estate: Schroders Capital Real Estate is the real estate arm of global asset manager Schroders, managing European real estate funds for institutional clients. Comparable to CORESTATE in pan-European real estate fund management, though part of a much broader, diversified global asset management platform.
• LaSalle Investment Management: LaSalle is a global real estate investment manager (subsidiary of Jones Lang LaSalle) managing European and global real estate funds for institutional investors. Comparable to CORESTATE in core/core-plus European real estate fund management, though operating at significantly greater scale as part of a global platform.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/corestate-capital-group

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CORESTATE Capital Group