So far only exists virtually: The project received funding from the Stratos Fund.
(Photo: eins:eins architects)
Zurich The crisis-ridden real estate group Corestate corrected its sales significantly downwards on Tuesday. According to this, the listed company only earned 23 million euros in the past half-year. For the first quarter, the company reported sales from continuing operations of EUR 30 million.
In the second quarter, Corestate should have booked a turnover of minus seven million euros purely arithmetically. However, the real estate developer did not show any separate figures for this period, but only published the half-year report.
CEO Stavros Efrimidis said during a presentation to analysts that the drop was due to the withdrawal of proceeds from the fund advisory business. Through its Swiss-based subsidiary Helvetic Financial Service (HFS), the group advises the multi-billion-dollar Stratos fund, which mainly invests in subordinated real estate bonds from German project developers.
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