The Supervisory Board of Deutsche Mittelstand Real Estate (Demire) has appointed Frank Nickel as CEO and member of the Management Board.
At the same time, it revoked the appointment of Prof. Dr. Alexander Goepfert as CEO and member of the Management Board with immediate effect.
Nickel has already been a senior advisor for Demire since September 2023 and has many years of experience in the industry, including positions at CA Immobilien Anlagen AG and Cushman & Wakefield.
The Management Board of Demire is now composed of Frank Nickel, Tim Brückner, and Ralf Bongert.
The management changes come only days after the German commercial real estate company announced plans to renegotiate a large chunk of its €499 mln debt in unsecured corporate bonds that is due in October 2024. The goal is to extend the maturity date to December 2027.
Demire is working with some bondholders on a "lock-up agreement" and is willing to offer a higher interest rate and other compensations in exchange for the extension. During the extension period, Demire would be required to make mandatory partial payments on the bonds and waive dividend payments or other distributions.
Demire acquires and holds commercial real estate in mid-sized cities and up-and-coming locations bordering metropolitan areas across Germany.
