DEMIRE Deutsche Mittelstand Real Estate AG: Changes to the Executive Board – Concrete plans in place for the next steps in the DEMIRE 2.0 strategy
- Markus Drews (CEO) to leave the Executive Board at the end of 2017
- Ralf Kind to assume the role of CEO with immediate effect
- Implementation of DEMIRE 2.0 strategy: First milestones reached; plans in place to expand real estate portfolio to EUR 2 billion
Langen, 16. November 2017 – The Supervisory Board of DEMIRE Deutsche Mittelstand Real Estate AG and the Speaker of the Executive Board (CEO) Markus Drews have mutually agreed today that Markus Drews will resign early as of 31 December 2017 from his position as Speaker and Member of the Executive Board. The Supervisory Board would like to thank Mr. Drews for his work as Speaker of the Executive Board.
Markus Drews has been a member of the DEMIRE Executive Board since December 2014 and Speaker of the Executive Board (CEO) since July 2017. During this time, he was largely responsible for DEMIRE’s expansion strategy. In a period of three years, the real estate portfolio grew to a total value of around EUR 1 billion. Major milestones included the acquisition of Fair Value REIT in December 2015, in which DEMIRE today holds an interest of 77.7%.
Prof. Dr. Hermann Anton Wagner, Chairman of the Supervisory Board of DEMIRE Deutsche Mittelstand Real Estate AG, said: “We would like to thank Mr. Drews, also on behalf of DEMIRE’s employees, for his valuable contribution and above all for expanding our attractive commercial real estate portfolio to EUR 1 billion. We very much regret Mr. Drews’ departure and wish him well in his future endeavors.”
Markus Drews’ Executive Board responsibilities, particularly those related to the transaction business, will be assumed by Executive Board member Ralf Kind (CFO) with immediate effect. Mr. Kind will continue to drive forward the implementation of the DEMIRE 2.0 strategic plan, which has already achieved its first milestones in recent months through the successful refinancing in the capital market of high-interest liabilities with an unsecured rated bond. This will lead to a significant and sustainable increase in DEMIRE’s profitability going forward. The company plans to implement further positive steps under DEMIRE 2.0 by the year’s end. DEMIRE received a high level of approval from its shareholders at the Extraordinary General Meeting in Frankfurt on 15 November 2017 for the conclusion of control and profit transfer agreements with Group companies, which will have further positive effects on the funds from operations (FFO) in the future. The Supervisory Board is prospectively planning to appoint a further member of the Executive Board with operating responsibilities, who, together with Mr. Kind, will continue to drive DEMIRE’s growth and, above all, the planned expansion in the real estate portfolio to EUR 2 billion.