Corestate - comment

We continue our work on Corestate and focus on the Pro-forma business going forward post deleveraging of their own direct risk. We expect the Company will be able to refinance later this year, but stumbling over the level of importance of Corestate’s direct lending business versus their funds’ exposure and the impact both have on the bottom line.

This morning, Corestate announced a senior management appointment, to the Real Estate Business. Martin Eberhardt left Swiss Life on October 19 and has been freelancing since then.