After numerous management changes in recent years, mismanagement and the slump in the real estate industry, the real estate group is deep in crisis.
(Photo: mauritius images / Timon Schneider / Alamy / Alamy Stock Photos)
Zurich, Frankfurt, Berlin The new savior of the real estate group Corestate could become an old acquaintance: Investor Karl Ehlerding, 80, could participate in a planned 45 million euro capital injection from the crisis-ridden group. This was confirmed to the Handelsblatt by three people familiar with the processes. Corestate and Ehlerding declined to comment.
The step may surprise outsiders: It was only at the end of June that Ehlerding announced via a mandatory stock exchange announcement that he had reduced his stake in Corestate from around six percent to zero percent. The investor joined the group in December 2021 together with Stavros Efremidis.
After a little more than half a year, it seemed in June that Ehlerding ended the Corestate adventure with heavy losses.
When he joined, the real estate group’s shares were still trading at around eight euros. When he left, the price was only around 1.40 euros. This corresponds to a minus of more than 80 percent.
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