KWG Kommunale Wohnen AG: Expected Change in Management BoardHamburg, 19 February 2013 - KWG Kommunale Wohnen AG, the long-term oriented property holding company of German residential real estate, announces that today Stavros Efremidis leaves the Management Board of KWG as expected. It is planned that Torsten P. Hoffmann will lead the company as its sole management board member going forward. As previously announced Mr. Efremidis will change to the Executive Board of conwert Immobilien Invest SE and will be responsible for the development of conwert's operating business in Germany. conwert acquired a stake of approx. 60% in KWG in December last year.
The Supervisory Board of KWG expresses its gratitude towards Mr. Efremidis for his outstanding achievements during his course of leadership in terms of portfolio size, profitability and market positioning of KWG. Torsten P. Hoffmann, sole management board member: 'I will stay on the strategic course in order to continue the KWG's profitable development.' Mr. Hoffmann has been CFO of KWG since 2010.
About KWG AG
KWG Kommunale Wohnen AG is a long-term oriented owner and operator of German residential real estate units. The company acquires residential real estate portfolios at attractive conditions in promising micro-locations of metropolitan regions and German regional centres and sustainably increases their value through an active real estate asset management. By refurbishments to high energy efficiency standards incidental costs for tenants are being lowered. KWG covers the complete value chain from acquisitions to construction management and its own internal property management. As a result vacancies are being reduced and income from net cold rent is being increased. This leads to value enhancements of the properties, above average Returns on Equity and profitability. KWG's shares are listed in the Entry Standard of the Frankfurt Stock Exchange.
KWG Kommunale Wohnen AG
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