Munich-based real estate investment company Domicil Real Estate has announced management changes following the departure of founder and CEO Khaled Kaissar.
As the majority shareholder, Kaissar will continue to maintain close ties to the company and remain an advisor.
The chairman of the Supervisory Board, Klaus Schmitt, has taken over as interim CEO. He joined Domicil in the summer of 2022 and was previously a member of the Management Board of Patrizia SE for more than 14 years.
The company's chief sales officer, Daniel Preis, is the new Co-CEO. He has worked for Domicil Real Estate since 2010, and his main focus is on the privatisation of apartments, as well as on asset and property management.
Prof. Dr. Georg Erdmann, deputy chairman of the Supervisory Board, takes up the position of chairman of the Supervisory Board.
Founder Khaled Kaissar said: ‘I have been the CEO for nearly 15 years, and it has been an exciting and wonderful time for me. Together, we have achieved a great many things, developing Domicil into a successful and well-established real estate company. I would like to thank all my colleagues for the excellent collaboration. However, it is now time for me to hand over the baton and stand down from the operational side of the business. I have complete confidence in the expertise of the two board members Klaus Schmitt and Daniel Preis.’
Interim CEO Klaus Schmitt added: ‘The business model of Domicil is extremely stable. With our management activity for third parties, we generate recurring revenues, and demand on the part of investors, owner-occupiers, and tenants for apartments has returned to the level seen before the crisis. We are excellently positioned to post further growth as a company. Alongside additional investments in real estate portfolios suited to privatization, we will also expand the field of asset management for third parties. A large number of international investors are once again intensively considering the potential of German residential real estate as an investment opportunity. In addition, we will also increasingly offer our services to portfolio holders and companies whose real estate portfolios have encountered financing difficulties or face the prospect of such problems.’
Domicil Real Estate focuses on the acquisition of mid-size to large portfolios of apartments and the prompt resale to tenants, owner-occupiers, and investors.
