Core Capital divests Cording to Rothschild's Orox

The vendor held a minority stake in Cording, a spokesperson for Core Capital told unquote". However, the GP declined to comment on the deal valuation or returns generated from the exit.

Under the vendor's tenure, Cording has undertaken an acquisitive international expansion strategy. At the time of Core's initial investment in 2008, it operated from one facility in the UK and it has since made acquisitions in Germany and the Netherlands, giving it five German offices, two UK offices and one office in the Netherlands.

Following the deal, Cording's existing management team will retain a minority stake in the business, with CEO Rodney Bysh and chairperson John Partridge remaining in their existing roles.

The transaction is subject to regulatory approval and is expected to complete by the end of 2017.

Previous funding
Core Capital provided Cording with growth capital funding in 2008. The following year, the GP provided follow-on funding to support the bolt-on acquisition of Danmerc.

Company
Founded in 2008, London-headquartered Cording provides real-estate-related property, asset and development management. The company has a headcount of 80 across its operations in Germany, the UK and the Netherlands. According to a statement it has €2.3bn in management mandates.

Cording generated a turnover of £9.2m in 2016, according to publicly available documents, with a profit after taxation and minority interests of £1.1m.

People
Core Capital Partners – James Smallridge (investment partner).
Cording Real Estate Group – Rodney Bysh (CEO); John Partridge (chairperson).

Advisers
Acquirer – Baker McKenzie, James Burdett, Lucie Rose (legal).

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• Exits
• UK / Ireland
• Real estate
• United Kingdom
• Trade sale