Corporate News

18/09/2007 | Corporate News

Fair Value Immobilien-Aktiengesellschaft: Supervisory Board appoints new Managing Board member on schedule

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After 19 years with IC Immobilien Group, Frank Schaich is Fair Value's new CEO


Munich, September 18, 2007 – The Supervisory Board of Fair Value Immobilien- Aktiengesellschaft (Fair Value) has appointed Mr. Frank Schaich (48) as the new CEO with immediate effect. He thus takes over from the previous interim managing board member, Janpeter Lassen as scheduled. Mr. Lassen can now return his attention to his leading role in the IC Immobilien Group – Fair Value's central service provider for operating asset and portfolio management. After successfully concluding the public conversion offer in August 2007, in future Mr. Schaich will establish Fair Value as one of the first REITs on the German capital market.

In return, Mr. Schaich resigned from his position as a member of the managing board at IC Immobilien Holding AG and will also resign from all of the other offices he has previously held for the IC Immobilien Group. Previously, Mr. Schaich held executive positions for 19 years with IC Immobilien Group, from 1993 he was managing director for companies in the IC Group and from 2002 he was a member of the managing board of IC Immobilien Holding AG. In total, he has 25 years' experience on international real estate markets. Frank Schaich has been able to gain extensive experience in syndicating, financing, and placing closed-end real estate funds as well as in asset and portfolio management.

At Fair Value, Mr. Schaich will mostly be responsible for Strategy, Finance, Control and Investor Relations. A further member of the managing board will be responsible for investments and strategic asset and portfolio management from December 1, 2007, however he still holds another position.

 

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2007

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A REIT – Higher Return for Investors

REIT stands for Real Estate Investment Trust. The assets of these listed companies in Germany consist mainly of real estate and investments in other real estate companies.

 

At the international level, REITs have been established for many years. On 1 January 2007, they were introduced in Germany as well.

 

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Fair Value REIT-AG