SSN Group joins Gerch Development
The SSN Group, based in Zug, acquires from the Gerch Group the majority of its shareholding in Gerch Development GmbH. The new joint venture will operate under the name SG Development GmbH.
The former Gerch Development has a development portfolio in Germany with nine projects and a total investment volume of around EUR 2.3 billion. With the transaction, the SSN Group triples its current project volume, according to its own information.
According to Mathias Düsterdick, CEO of Gerch Group AG, the company has already brought two development plans to legal force this year. In addition, two building permits are expected, after which the realization of the building construction projects is to begin promptly.
The newly created joint venture will operate under the name SG Development GmbH. SSN Development boss Jürgen Overath takes over the management. Overath had only recently been appointed Managing Director for Germany at SSN.
Gerch plans further own projects
Meanwhile, the Gerch Group intends to continue realizing developments in Germany independently in the future. According to Düsterdick, several concrete project acquisitions are about to be concluded. According to Düsterdick, it is conceivable to enter into partnerships with SSN for further projects in the future.
The company is an inter-investment project developer based in Düsseldorf, which was founded by Düsterdick and Christoph Hüttemann (CFO) at the end of October 2015, after both had previously sold their shares in the PDI Group.
Since its foundation in 2004, SSN Group has been active as a real estate project developer with a focus on major German cities and Switzerland. According to its own information, SSN is currently preparing real estate projects worth around 3.3 billion euros.
