Corporate News

The Grounds Real Estate Development AG is already realising initial potentials in Hangelsberg only a few days after the acquisition. Further acquisitions are being examined.

  • Following the acquisition of the land in Greater Berlin a few days ago, the rental situation is already proving more positive than planned.
  • The founding team led by Hans Wittmann and Eric Mozanowski is continuing the corporate strategy without changes.
  • Investments in existing projects are ongoing, and further acquisitions are being examined. Discussions with investors in South Africa are being prepared to underpin future growth.

Berlin, 29 December 2017. Following the acquisition of the logistics park with the planned project development in Greater Berlin (Hangelsberg) on 20 December 2017, the Grounds Real Estate Development AG (ISIN DE000A2GSVV5) can already report now that the rental situation is developing perceptibly more positively than expected. Only approx. 100,000 m² of the 350,000 m² of land area has been developed up to the present time. Moreover, against the background of the continuing examination of properties, the Management Board expects to be able to carry out further acquisitions in the next few weeks. Discussions with potential investors in South Africa are being prepared to underpin future growth.

The company is now headed by two joint managing directors of equal rank
Following yesterday’s agreement on the departure of Andreas Steyer from the Management Board, Eric Mozanowski and Hans Wittmann have agreed with the Supervisory Board that the position of management board chairman will be dispensed with and that they will manage the company as joint managing directors of equal standing. Andreas Steyer remains associated with the company as a long-term shareholder, and in this respect his share portfolio will be subject to a lock-up agreement.

The management team has had contacts in South Africa at its disposal for a long time, and is now preparing for discussions with investors in South Africa against the background of the planned stock exchange floatation in Johannesburg in the first quarter of 2018. Ultimately, the idea of a dual listing also came into being based on these long-standing contacts.

 

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