Peach Property has a completely new Board of Directors
The five-member Board of Directors proposed for the Annual General Meeting includes big names - including the former head of one of the largest listed housing companies in Germany.
The current Board of Directors of Peach Property Group AG, which focuses on German rental apartments, will propose the election of a new Board of Directors at the Annual General Meeting on May 14. The existing Board of Directors with interim Chairman Klaus Schmitz, Peter Bodmer and Christian De Prati will not stand for re-election.
Michael Zahn, former CEO of Deutsche Wohnen, is to become the new Chairman of the Board of Directors and thus Chairman of the Board. The current incumbents are proposing Annette Benner, John Ruane, Beat Frischknecht and Cyrill Schneuwly as further members of the new Board of Directors.
Former Intershop CEO among the newcomers
Michael Zahn is one of the best-known names in the German real estate stock corporation scene. Under his aegis, Deutsche Wohnen SE expanded its portfolio from around 50,000 to around 160,000 units from 2007 onwards. He left the company following its takeover by the residential real estate group Vonovia at the end of 2021. Today, Michael Zahn works for the advisor Hystake Investment Partners. Michael Zahn was previously Chairman of the Supervisory Board of TLG Immobilien AG and GSW Immobilien AG, among others.
Cyrill Schneuwly was CEO of Intershop Holding AG from 2008 to 2023. He built up a real estate portfolio at Switzerland's oldest listed real estate company. Schneuwly is involved in the University of Zurich Foundation and the Investment Committee of the Investment Foundation for Real Estate Investments Abroad (AFIAA). In previous years, the trained businessman was a member of the Investment Committee of the Corestate Capital Group, among others.
Annette Benner is a lawyer and partner at GT Restructuring, the restructuring unit of the global commercial law firm Greenberg Traurig in Germany. Prior to that, she was Managing Director, Head of Transactions and Loan Investments at the real estate investment company RFR. From 2006 to 2018, Annette Benner was European Senior Management and Deputy General Counsel (Europe) at Situs (formerly Hatfield Philips and LNR) and played a leading role as a specialist in non-performing loans (NPL) and commercial mortgage-backed securities (CMBS), according to Peach.
John Ruane serves as Partner and Co-Chairman of Ares Real Estate's European real estate business. He is also a member of the Ares Real Estate Global and Debt Investment Committee. Ares Real Estate manages USD 50 billion of public and private equity and debt strategies. Prior to joining Ares, he was a partner at Area Property Partners and worked in Morgan Stanley's Investment Banking division. He is also Chairman of the Murapol Group, a Polish construction company listed on the Warsaw Stock Exchange.
Beat Frischknecht is Chairman of the Board of Directors of Ahead Wealth Solutions AG in Liechtenstein, in which he holds 65 % of the shares. Among other things, he launched the investment vehicle Pretius Funds Sicav with the sub-fund Pretium Swiss Real Estate Fund. He owns all shares in the real estate management company Pretium AG, which was founded in 2014. A trained businessman, he has been building up various group companies in the real estate and fund sector since 1992. Among other things, he served as CEO and Chairman of the Board of Directors of the Swiss BFW Group. He listed BFW Liegenschaften AG on the SIX Swiss Exchange in 2007 before it was transferred to private ownership in 2020.
Peach Property Group recently reported operational growth, including valuation, but massive losses IB reported. (aw)
