DGAP-News Grand City Properties S.A. announces switch in management and board positions as from 1 October 2020
DGAP-News: Grand City Properties S.A. / Key word(s): Real Estate/Personnel
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GRAND CITY PROPERTIES S.A. ANNOUNCES SWITCH IN MANAGEMENT AND BOARD POSITIONS AS FROM 1 OCTOBER 2020
Luxembourg, September 24, 2020 - Grand City Properties S.A. ("GCP" or the "Company") announces that the board of directors resolved today that effective as of 1 October 2020. Mr. Christian Windfuhr will withdraw from his position as the CEO (Daily Manager - administrateur-délégué) in order to replace Mr. Refael Zamir as a member and chairman of the board of directors as of that date. Mr. Refael Zamir will become the Company's CEO (Daily Manager - administrateur-délégué) effective as of 1 October 2020. Mr. Zamir will continue to serve as the Company's CFO.
Mr. Windfuhr and Mr. Zamir joined the Company in 2013 and led the Company successfully through the rapid growth, positioning Grand City Properties SA as a leading German residential player. Under the management of both the Company has achieved remarkable results and milestones. Building a portfolio of properties worth €8 billion through hundreds of accretive acquisitions, placing the Company in the frontline of the German real estate market with entry into the MDAX and achieving BBB+ rating by S&P and Baa1 rating by Moody's, which are just a few landmarks which reflect the success of the Company. With the new management structure, Mr. Windfuhr will hand over the ongoing daily management to Mr. Zamir and focus on the Company's strategy and investor relation as the Chairman of the Board.