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ADLER Real Estate AG: Changes on the Administrative Board of conwert Immobilien Invest SE
DGAP-News: ADLER Real Estate AG / Key word(s): Miscellaneous
2016-03-17 / 16:30
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Changes on the Administrative Board of conwert Immobilien Invest SE
- Dr. Dirk Hoffmann elected to Administrative Board of conwert
- ADLER welcomes decision by conwert's General Meeting and now expects prompt implementation of a shareholder value orientated approach
Hamburg, 17 March 2016. The Chairman of the Supervisory Board of ADLER Real Estate AG, Dr. Dirk Hoffmann, has been elected as a fifth member of the Administrative Board of conwert Immobilien Invest SE, Vienna. This was decided today by the Extraordinary General Meeting of one of Austria's largest real estate companies with significant majority. ADLER, being the largest individual shareholder in conwert with a stake of 22.37%, welcomes this decision.
"ADLER is now represented on conwert's Administrative Board", comments Arndt Krienen, member of the Management Board of ADLER Real Estate AG. "From our perspective, this decision was long overdue." ADLER Real Estate AG had originally proposed to the General Meeting to replace three members of the Administrative Board. "We now expect the Administrative Board in its new extended composition to promptly establish common grounds for decision making and then to implement the necessary strategic measures as rapidly and successfully as possible - in a way which is supported by the majority of the company's shareholders."
With its decision to propose Dr. Hoffmann in the General Meeting as a fifth member of the Administrative Board, ADLER Real Estate AG deviated from its original cost-motivated proposal, to limit the Administrative Board to four members. "We are convinced that in order to increase conwert's value in the interest of all shareholders it is far more important that we are now represented on the company's board and are thus be able to give positive impetus for conwert's further development. We have taken this course in the interest of all shareholders and subsequently also in the interest of our own shareholders who wished ADLER to be represented on conwert's Administrative Board", explains Arndt Krienen.
ADLER hopes that today's decision will bring more ease and stability to conwert so that the management will be able to solely focus on its intrinsic tasks.
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ADLER Real Estate AG: ADLER Real Estate AG, headquartered in Frankfurt and with its administrative headquarters in Hamburg, focuses on the acquisition, management and administration of residential property privatisation. ADLER invests primarily in portfolios with residential real estate companies in B-locations of major conurbations with units that achieve a positive cash flow and can demonstrate a sustained appreciation potential.
The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitably targeted residential property from the holdings of the ADLER Group and procures condominiums for third party owner-occupiers and investors seeking to provide for their retirement.
Following the acquisition of Westgrund AG, Berlin at the end of June 2015 and with nearly 50,000 residential units, ADLER is among the top five largest German residential property companies listed in Germany. In addition to the listing on the FTSE EPRA / NAREIT Global Real Estate Index in London and the GRP General Index, shares in ADLER are also listed in the small cap index SDAX of the Deutschen Börse.
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|Company:||ADLER Real Estate AG|
|60528 Frankfurt am Main|
|Phone:||+49 (0)40 - 29 8130-0|
|Fax:||+49 (0)40 - 29 8130-99|
|ISIN:||DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02|
|WKN:||500800, A14J3Z, A1R1A4, A11QF0|
|Indices:||SDAX, GPR General Index|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg|
|End of News||DGAP News Service|