Corestate loses advisory mandate for Stratos real estate funds

Corestate loses advisory mandate for Stratos real estate funds
Neulander Quarree in Hamburg

The project received funding from the Stratos Fund.

(Photo: eins:eins architects)

Zürich The crisis-ridden real estate group Corestate loses a lucrative consulting mandate: As of next year, the Swiss-based subsidiary Helvetic Financial Services (HFS) will no longer advise the Stratos II real estate bond fund.

Corestate and the capital management company Hansa Invest have agreed on this, as the Handelsblatt learned from people familiar with the processes. In return, Corestate will receive €13 million in retained commissions. Corestate and Hansa Invest declined to comment when requested.

The Stratos II real estate bond fund recently managed almost one billion euros from around 60 professional and semi-professional investors, including insurance companies, pension funds and wealthy private investors. The fund mainly invests in subordinated bonds from project developers in German-speaking countries.

At the beginning of June, the Handelsblatt reported that the Stratos II fund could not keep up with the repayment of terminated fund shares and had also invested on a large scale in bonds from real estate projects in the area of ​​the Adler Group, which was also in crisis.

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