Luxembourg-headquartered real estate investment manager Corestate Capital Holding SA terminated CEO and Chairman Michael Bütter's employment and said his employment contract would be revoked by the end of 2018.

The move is not related to the operational performance or strategic orientation of the company, Corestate Capital said in a release.

Board members Thomas Landschreiber, who is also a founder and the chief investment officer, and Lars Schnidrig will assume Bütter's responsibilities until a replacement is found. Schnidrig will also serve as board chairman temporarily.