Ad-hoc Announcement Pursuant to Art. 17 Market Abuse Regulation
Berlin, 23 July 2018 (15:00 CET) – In its Supervisory Board meeting today, the Supervisory Board of The Grounds Real Estate Development AG (ISIN: DE000A2GSVV5) appointed Mr. Thomas Prax, CFO of the Red Rock Group, to be a new member of the company’s Management Board with immediate effect. At the same time, as already announced in the last Ad Hoc notice of 12 July 2018, the incumbent Board Members Hans Wittmann and Eric Mozanowski stood down from their posts with effect as on 30 July 2018. However, both will stay connected to The Grounds Group in a transitional period as Managing Directors of various large project companies.
Red Rock Wealth Management Ltd. headquartered in Birmingham recently acquired 70.2% of the company’s shares from the three main shareholders of The Grounds, whereby the material transfer is still pending. Mr. Prax has held the position of CFO in the Red Rock Group since July 2017, and also has extensive knowledge of the sector as a result of various senior management positions held in the real estate sector. Mr. Prax previously worked in auditing in major companies such as Deloitte or PWC.
The Grounds Real Estate Development AG
Leipziger Platz 3, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
End of ad hoc announcement
Haus der Wirtschaft, Kapstadtring 10
T. +49 (0) 40 6378 5410
F. +49 (0) 40 6378 5423
Acquisition, project development and sustainable residential property management
The Grounds Group focuses on buying and developing residential property and, as a full-service provider for the business areas Investment (including property and asset management), Development and Trading, they have made it their goal to provide affordable living space for different life stages. The emphasis is on residential property, particularly also special real estate such as student and retirement living in German metropolitan regions and attractive locations such as aspiring outskirts in Germany. As a portfolio holder their medium-term aim is to establish a significant high quality real estate portfolio at a magnitude of EUR 500 million through investments and in-house development, allowing stable profits together with attractive dividend payments to The Grounds shareholders. The Grounds seeks to position themselves as one of the leading German real estate companies by creating added value within the scope of housing development and subsequent development of market capitalisation.