Zug investment holding company acquires stake in Düsseldorf-based Gerchgroup
SN Beteiligungen Holding, which was founded in February of this year and is based in Zug, has acquired a 49% stake in Gerch Development GmbH (Gerchgroup). The management of SN Holding, which was founded in February 2016, consists of Norbert Ketterer, Chairman of the Board of Directors of HFS Helvetic Financial Services, and Thomas Suter, CFO of HFS.
With the help of the new shareholder, the project development company aims to grow faster. Gerch Development GmbH was only founded in November 2015 by Mathias Düsterdick (CEO) and Christoph Hüttemann (CFO). Since then, the group has acquired seven project developments with a total volume of around 1.2 billion euros, according to the management. Further "extremely prestigious" acquisitions in Hamburg, Berlin, Düsseldorf and Frankfurt are to be realized in the near future, according to the statement. According to CEO Düsterdick, the Gerchgroup will exceed the two billion euro mark this year and join the top five German project developers.
The Gerchgroup focuses on project developments in the residential, office and retail asset classes. Düsterdick and Hüttemann previously worked for seven years at the Düsseldorf-based PDI Group, which they founded themselves in 2008.
According to the commercial register, the business purpose of Zuger SN Beteiligungen Holding is the acquisition, permanent management and sale of participations in other companies that are active in the real estate sector abroad, as well as the execution of related financial, investment and service transactions. (ah)
