Adler Group S.A.: Sven-Christian Frank to become Sole Director of Adler subsidiary Consus Real Estate AG
May 31, 2022 at 07:03 am
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DGAP-News: Adler Group S.A.
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Adler Group S.A.: Sven-Christian Frank to become Sole Director of Adler subsidiary Consus Real Estate AG
31.05.2022 / 08:01
The issuer is solely responsible for the content of this announcement.
Sven-Christian Frank to become Sole Director of Adler subsidiary Consus Real Estate AG
Luxembourg, 31 May 2022: Adler Group S.A. (?Adler Group?) announces that its Chief Legal Officer (CLO), Sven-Christian Frank, has offered to take over the role of Sole Director of Adler?s subsidiary Consus Real Estate AG (?Consus?) effective 7 June 2022, in addition to his current position. Following yesterday?s meeting, the Supervisory Board of Consus announced that it will soon resolve upon the succession of Dr. Bernd Schade and appoint Sven-Christian Frank as his successor effective 7 June 2022.
The Sole Director of Consus, Dr. Bernd Schade had previously informed the Chairman of the Supervisory Board of Consus, Mr. Thomas Zinnöcker, that he will resign from his position as Sole Director of Consus with effect from 7 June 2022. Dr. Schade will also step down as CDO of Adler Group but be available to the Company as senior advisor.
Adler Group CEO Thierry Beaudemoulin commented: ?Adler Group?s Senior Management greatly appreciates that Sven-Christian Frank will be taking on this integrated role at a challenging time for the Group and that Bernd Schade will continue to provide us with his expertise and contacts in the German municipalities. He will focus on the consistent realization of our development projects.?
Consus had previously announced that its equity was negative as of 31 December 2021 due to impairments and resulting loss assumptions on the basis of existing profit and loss transfer agreements. To recapitalize Consus within the Adler Group, on the one hand Consus?s balance sheet needs to be restructured and on the other hand the project development business needs to be consequently enhanced.
Contact
Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com
31.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Language:
English
Company:
Adler Group S.A.
1B Heienhaff
1736 Senningerberg
Luxemburg
Phone:
+352 278 456 710
Fax:
+352 203 015 00
E-mail:
investorrelations@adler-group.com
Internet:
www.adler-group.com
ISIN:
LU1250154413
WKN:
A14U78
Indices:
SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
Adler Group SA, formerly known as ADO Properties, is a Luxembourg-based real estate company. The Company operates in Germany, in the residential real estate field with approximately 70,000 residential units, and a development pipeline of approximately 10,000 new flats in Germany. The Company focuses on asset and portfolio management, property and facility management and developing residential properties throughout Germany. The Company operates through two business segments: Residential property management and development. Residential property management offers renting and managing residential properties, the management of tenancy agreements and marketing of residential units with the focus on optimization of rental income. The development side of the business splits into build-to-sell projects and build-to-hold projects.