Corestate appoints Klaus Schmitt as new CEO

Corestate appoints Klaus Schmitt as new CEO

European real estate investment manager Corestate Capital Group (Corestate), has appointed Klaus Schmitt, most recently a member of the management board of Patrizia AG, as its new chairman of the management board (CEO) for an initial period of three years with effect from 1 January 2021. He will replace the current chairman of the management board Lars Schnidrig.

Klaus Schmitt, born 1965, has more than 25 years’ experience in the real estate sector in Germany and Europe. He was a member of the Management Board at Patrizia AG for over 14 years, and managing director of Patrizia Projektentwicklung GmbH before that. Before joining Patrizia, Klaus Schmitt had leading roles at Siemens Real Estate GmbH & Co. OHG and other companies.

“We are delighted to bring such a distinguished real estate manager on board in the person of Klaus Schmitt and ensure a smooth transition in the management of the company,” said Dr Georg Allendorf, Chairman of the Supervisory Board of Corestate. “In over 17 years at Patrizia, Schmitt has played a key role in turning the company into a leading pan-European asset manager with assets under management of more than EUR 44 billion. His wealth of experience will help bring Corestate forward on its journey to becoming the first port of call for fully integrated real estate solutions in Europe.”

“The Supervisory Board is sad to see Lars Schnidrig leave the company,” Dr Allendorf added. “As CFO and CEO, Lars Schnidrig contributed greatly to the institutionalisation and governance of the Corestate Group at all levels and created a solid basis for the further development of our company. He not only played a major role in establishing a European platform and in realigning the financing structure, but he also comprehensively integrated ESG into the company’s strategy and has significantly improved Corestate’s reputation at the capital market. I would like to thank him on behalf of the entire Supervisory Board.”

“Together with an amazing team, we have achieved a great deal both strategically and operatively at the Corestate Group over the past three years,” said Lars Schnidrig, reflecting on his decision. “Over the past few months, we have also managed to set the right course to benefit from the anticipated market recovery in 2021, despite the currently extremely challenging market environment. I think I can say with confidence that I will be handing the company over to my successor, Klaus Schmitt, in good shape.”

The Supervisory Board is also expanding the Management Board with the addition of two new functions. Daniel Löhken will join the Management Board as Chief Legal and HR Officer responsible for Legal, Compliance, ESG, Risk Management and Human Resources with effect from 1 November 2020. In addition, a separate chief financial officer will be appointed to the Management Board, with a suitable candidate to be recruited as part of a structured process.

“Daniel Löhken is an outstanding addition to the Management Board,” said Dr Allendorf. “He has excelled in advancing our governance and organisational development since joining Corestate at the start of 2018 and continues to make a vital contribution to the successful transformation of our company. With this expanded and well-balanced Management Board, we will be able to open up further growth opportunities on the market. Operative business will be well positioned under the leadership of Klaus Schmitt as CEO and Nils Hübener as CIO. I am certain that we will see many positive developments from a client and a transaction perspective in the coming quarters. In parallel, Daniel Löhken as CLO and the new CFO will be expertly and efficiently managing central corporate functions.”

Daniel Löhken, born 1978, is responsible for Legal, Compliance, Risk Management, Human Resources and Internal Audit as Chief Legal and HR Officer. He has over ten years of experience in the real estate industry and in real estate financing, as well as in capital market law. Before joining Corestate, Daniel Löhken was working for Vonovia and Clifford Chance.