Austrian listed property firm CA Immo said its chief financial officer Hans Volkert Volckens has resigned prematurely in connection with the recent acquisition by US investor Starwood Capital of a major 26% stake in the company.
In a statement, CA Immo said that its supervisory board and Volckens came to a mutual agreement to terminate his board activity 'in the light of the end of the merger talks with Immofinanz and the subsequent sale of Immofinanz's stake in CA Immo to Starwood Capital'.
Volckens had taken over all merger-related tasks two years ago with the aim to protect CA Immo’s interests in the process.
'The company and the supervisory board owe Volckens a great debt of gratitude,' said Torsten Hollstein, chairman of the supervisory board of CA Immo.
Volckens has resigned with immediate effect and said he will follow a new path in his professional life. His responsibilities will be taken over during an interim period by CEO Andreas Quint, whose term runs through the end of 2021.
Furthermore, Starwood Capital's senior vice president Keegan Viscius is to join the management board as Chief Investment Officer responsible for investments and asset management with effect from 1 November 2018.
'Keegan Viscius is a highly experienced property investor in the core markets of CA Immo. He will bring his experience and market access from his current employer, one of the world's largest and best-established real estate investors, into his new position,' commented CA Immo's supervisory board chairman.
CA Immo, listed on the ATX index of the Vienna stock exchange, controls property assets of around €4 bn in Germany, Austria and Eastern Europe.
