Corestate, a fully integrated investment manager and co-investor based in Luxembourg,has acquired 24 separate retail properties in top shopping locations of pedestrian areas in medium-sized German cities such as Dresden, Essen, Heilbronn and Kaiserslautern. The assets have been acquired in individual transactions and structured in a new portfolio.
Comprising a total of approximately 90,000 m², the properties are very diversified in regard to location, building type and tenants. Anchor tenants include fashion retailers H&M and Snipes as well as drugstore chain Müller and supermarket chain REWE.
In order to strengthen new business generation and to expand investor contacts, Philip La Pierre will be appointed Co-Chief Investment Officer beginning 1 November 2017. He will report to Co-Founder and Chief Investment Officer Thomas Landschreiber. Philip La Pierre was most recently Head of the Investment Management Europe department at Union Investment Real Estate, which he joined in 2009 as Head of Investment & Asset Management for Germany. Prior to Union Investment, Philip, a trained lawyer, was Head of Transactions Germany for ING Real Estate. Before that, he was an investment manager at Credit Suisse.
Thomas Landschreiber, Chief Investment Officer of Corestate comments: “We have an excellent expertise and a unique track record within the retail sector of Germany’s B-cities. Our letting success increases the value of the portfolios. In addition, our strong performance is increasing Corestates visibility among investors and within the industry. To further enhance our longer-term growth, we continue to increase the depth and breadth of our team. The addition of Philip La Pierre, highly-regarded, seasoned expert is very much in line with this strategy and we are thrilled that he is joining Corestate.”