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 published negative sales figures for the second quarter on Wednesday. Accordingly, the listed company earned 23 million euros in the past half year. For the first quarter, the company reported sales from continuing operations of EUR 30 million. Revenues in the second quarter were around minus seven million euros.
CEO Stavros Efrimidis said during a presentation to analysts that the negative revenue 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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