GSW's newly-appointed supervisory board has named Deutsche Wohnen's boss Michael Zahn as new Chief Executive Officer, marking a step forward in the companies' plan to integrate their businesses.
GSW's newly-appointed supervisory board has named Deutsche Wohnen's boss Michael Zahn as new Chief Executive Officer, marking a step forward in the companies' plan to integrate their businesses.
GSW's supervisory board also elected Uwe E. Flach as the new chairman of the supervisory board.
The appointments are in line with the companies' merger process following Deutsche Wohnen €1.75 bn successful takeover bid for GWS's shares.
Deutsche Wohnen offered 51 of its shares for every 20 shares in GSW in a deal which is to create the country's second-largest residential group by portfolio value.
The deal is boosting Deutsche Wohnen's portfolio to some 150,000 residential units, valued at around €8.5 bn. The company will rank second after Deutsche Annington Immobilien, Germany’s largest housing group by portfolio value, with roughly 180,000 apartments.