Swiss investment manager Corestate Capital has grown its assets under management to 鈧�16 bn following the takeover of fund manager Hannover Leasing Group.
Corestate has purchased a 94.9% stake in Germany's Hannover Leasing Group from majority shareholders Landesbank Hessen-Th眉ringen Girozentrale (Helaba) and Hessisch-Th眉ringische Sparkassen-Beteiligungsgesellschaft (HTSB).
The deal, completed for an undisclosed price, takes Corestate's assets under management to around 鈧�16 bn. Helaba will remain as a minority shareholder with a 5.1% stake in Hannover Leasing.
'The acquisition of Hannover Leasing represents an appealing blend of contractually secured, long-term asset management returns and great potential for new business. We are expanding and diversifying our product range and improving our access to new sources of institutional capital,' commented Sascha Wilhelm (pictured), CEO of Corestate. 'Within the Hannover Leasing Group, we are planning a comprehensive revitalisation programme to enable optimum use of synergies.'
Asset manager Hannover Leasing offers closed public alternative investment funds (AIFs) with a focus on domestic and overseas real estate and public infrastructure. Its current assets under management are valued at around 鈧�13.6 bn.
'We are very pleased that Corestate will open up a new strategic perspective for Hannover Leasing's fund business and will continue to lead the company's existing funds portfolio responsibly,' said Thomas Gro脽, deputy chief executive officer of Helaba.
Completion of the transaction is still subject to the conclusion of owner control procedures by BaFin, which is expected to occur in the first half of 2017.
