Corestate hires principal senior advisor

Swiss-based Corestate Capital has appointed Mark Wössner, 71, to help advise on acquisitions and restructuring non-performing loans.

Swiss-based private equity real estate firm, Corestate Capital, has appointed one of Germany’s most influential managers as a principal senior advisor.

Mark Wössner, 71, will counsel Corestate particularly on acquisitions and the restructuring of non-performing portfolios and loans, the firm said today.

Wössner’s glittering resume includes being head of media giant, Bertelsmann and chairman of the advisory board at Deutsche Bank. In the years since 2002, he was chairman of Citigroup Deutschland, and supervisory board member at a variety of companies including Daimler.

Ralph Winter, founder of Corestate, said in the statement: “We are seeing a lot of portfolios which have got into trouble due to misguided assumptions and poor management. Our job is to identify and remedy these issues. Mark Wössner will render decisive support in these efforts.”

Investors in Corestate’s fund include Aberdeen Property Investors and Lloyds TSB.

The group specialises in making acquisitions in Germany.