- Arndt Krienen and Jacopo Mingazzini will manage The Grounds jointly in future
- Company repositions itself by change of Management Board and takeover of Capstone Opportunities AG, and lays foundations for future growth
- Project development portfolio reaches a current volume of more than EUR 400 million
Berlin, 20 July 2020 – The Supervisory Board of The Grounds Real Estate Development AG (The Grounds) appointed Jacopo Mingazzini to be a member of the company’s Management Board with effect as of 1 August 2020. Thomas Prax withdrew with effect as of 31 July 2020, and leaves the company by mutual agreement. Arndt Krienen and Jacopo Mingazzini will head the company jointly in future, as Management Board members with equal authority. In this respect, Arndt Krienen will be responsible for the Capital Market, Finances and Legal departments, while Jacopo Mingazzini will concentrate on Project Developments, Acquisitions and Sales/Marketing.
Prof. Dr. Winfried Schwatlo, Chairman of the Supervisory Board of The Grounds Real Estate Development AG, says: “After Arndt Krienen, formerly CEO of the Adler Real Estate AG and Westgrund AG, had already joined us in March this year, we are delighted that we have been able to gain Jacopo Mingazzini as an additional member of the Management Board. He is distinguished both by his experience in the successful management of listed real estate property companies and by his detailed knowledge of the German residential property market.”
Prof. Schwatlo adds: “The Supervisory Board thanks Thomas Prax for his work as a member of the company’s Management Board, and sends him its best wishes for his future professional life.”
After starting his professional career with the Bau-Boden-Treuhand GmbH & Co. KG in Stuttgart, and before moving to The Grounds, Jacopo Mingazzini was for eight years a member of the Management Board of Accentro Real Estate AG in Berlin, and for 21 years Managing Director of Accentro GmbH, which he founded in 1999. Following his Business Administration studies at the Ludwig Maximilian University in Munich, he obtained a degree as a Real Estate Economist (ebs) through in-service study at the European Business School (EBS) in Oestrich-Winkel.
Arndt Krienen, a member of the Management Board of The Grounds Real Estate Development AG, says: “I have already worked with Jacopo Mingazzini during my time as CEO of the Adler Real Estate AG, and have known and appreciated him for many years as one of Germany’s most distinguished residential property experts. I look forward to working with him in future. After the changes in the company’s shareholder group in the past year, and the non-cash capital increase resolved on 16 July for the Capstone takeover, completion of the management team has taken another logical step as part of the strategic realignment of The Grounds, through which we are setting course for successful growth in the coming years.” After the Capstone takeover, the current project development volume of The Grounds totals more than EUR 400 million.
The Grounds Real Estate Development AG
Arndt Krienen /Thomas Prax, members of the Management Board
Leipziger Platz 3, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
About The Grounds
The Grounds Real Estate Development AG is a real estate property company (ISIN: DE000A2GSVV5), headquartered in Berlin and listed in the primary market (upper free market) on the Düsseldorf Stock Exchange, and which focuses on project development and the sustainable management of property portfolios. The emphasis in this respect is on project developments in the residential real estate property area, implementing all the related areas including temporary accommodation, age-appropriate housing, nursing care facilities, hotels and holiday properties, and extending as far as turnkey construction. The geographic focus of the activities of The Grounds is on German metropolitan regions and aspiring locations with attractive economic and/or demographic framework data. The purpose of the project developments for its own existing portfolio and the systematic management and optimisation of the portfolio is to stabilise earnings performance within the group of companies, while the project developments for sale open up additional earnings potential.