US investor Christopher Flowers has been appointed to the supervisory board of Hypo Real Estate after his JC Flowers buy-out firm led the acquisition of almost 20% in the German property lender. Two other positions on the board are being filled by Dr Renate Krummer, managing director of JC Flower's German operations and Richard Mully, a founding partner of property investor Grove International Partners, which joined Flowers to obtain the stake in Hypo Real Estate.
US investor Christopher Flowers has been appointed to the supervisory board of Hypo Real Estate after his JC Flowers buy-out firm led the acquisition of almost 20% in the German property lender. Two other positions on the board are being filled by Dr Renate Krummer, managing director of JC Flower's German operations and Richard Mully, a founding partner of property investor Grove International Partners, which joined Flowers to obtain the stake in Hypo Real Estate.
The trio are taking the places of supervisory board members who are stepping down.
Munich-based Hypo Real Estate is a leading global provider of financial services to commercial real estate companies and has assets totalling EUR 392bn. Last year Hypo acquired Depfa, a German bank headquartered in Dublin that provides infrastructure and public financing. Hypo Real Estate share price suffered share declines in January this year when it revealed hefty write downs related to the US sub-prime crisis. The shares recovered ground when JC Flowers announced its bid in mid-April.
