DEMIRE Deutsche Mittelstand Real Estate AG: DEMIRE’s Executive Board to now consist of two members
DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Change of Personnel/Miscellaneous
DEMIRE's Executive Board to now consist of two members
- Executive Board contract of Mr. Markus Drews to be extended until the end of 2020
- Mr. Patrick Kaiser appointed as new Executive Board member of Fair Value REIT-AG
Frankfurt/Main, November 2, 2016 - Following Mr. Frank Schaich's resignation, the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG (ISIN: DE000A0XFSF0) ("DEMIRE") will consist of two board members. DEMIRE's Supervisory Board plans to extend the Executive Board contract of Mr. Markus Drews at the start of the year 2017 by a further three years until the end of 2020. This will ensure the continuity of the Executive Board.
Mr. Schaich will continue to be on the Executive Board of Fair Value REIT-AG until March 31, 2017 to fully complete the integration process. Mr. Patrick Kaiser, DEMIRE's long-time commercial director, has been appointed as a further Executive Board member of the Fair Value REIT-AG subgroup. Mr. Kaiser has been responsible for DEMIRE's finance department and, in recent months, has contributed to the major reduction in administrative costs through insourcing the finance department.
Andreas Steyer, CEO of DEMIRE and member of the Supervisory Board of Fair Value REIT-AG in his comments on the changes said: "Our cooperation with Frank Schaich was extremely successful within a very short time. Fair Value REIT-AG is now almost completely integrated into DEMIRE. We therefore greatly regret that Mr. Schaich has decided to resign from his positions on both the DEMIRE and Fair Value REIT-AG Executive Boards but respect his decision to pursue new challenges. With Patrick Kaiser, we have placed a successful and experienced successor at our Fair Value REIT-AG subgroup who will continue to responsibly execute its business model."
DEMIRE Deutsche Mittelstand Real Estate AG
About DEMIRE - First in secondary locations
DEMIRE Deutsche Mittelstand Real Estate AG has commercial real estate holdings in mid-sized cities and up and coming areas bordering German metropolitan areas. As at June 30, 2016, DEMIRE held real estate consisting of 178 properties with a market value of EUR 982 million. As at the reporting date, contractual rents had been firmly agreed upon in the amount of EUR 74.2 million (at an occupancy rate of 87.8 % of the potential rents of EUR 84.5 million) for a term of 5.4 years.
DEMIRE aims to maintain its corporate organisation as lean as possible, although it still believes that economies of scale and portfolio optimisation are best achieved by having its own in-house asset, property and facility management. This safeguards the Company's business expertise and, equally important, allows the Company to maintain direct contact with the customer.
DEMIRE Deutsche Mittelstand Real Estate AG shares (ISIN: DE000A0XFSF0) are listed in the Prime Standard segment of the Deutsche Börse in Frankfurt.
|Company:||DEMIRE Deutsche Mittelstand Real Estate AG|
|Lyoner Straße 32|
|60528 Frankfurt am Main|
|Phone:||+49 (0)69 / 719 189 79 0|
|Fax:||+49 (0)69 / 719 189 79 11|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|