Listed German property company Patrizia Immobilien has appointed Karim Bohn as its new chief financial officer, replacing Arwed Fischer who leaves after eight years in the post.
Listed German property company Patrizia Immobilien has appointed Karim Bohn as its new chief financial officer, replacing Arwed Fischer who leaves after eight years in the post.
Bohn has a long track record on the financial side of the property industry, having served as CFO for the last three years in his position as managing director of the Patrizia-owned residential landlord Süddeutsche Wohnen (Südewo).
Prior to Südewo, Bohn was a director at residential property group Vitus Immobiliengruppe, a position he also held at former MDAX-listed housing group Gagfah.
Bohn also has several years of experience in international financial and capital markets. Between 2006 and 2009 he was responsible for the financial and capital market activities of publicly listed European property companies, including Gagfah, founded by or belonging to the Fortress Investment Group in London.
From 1998 to 2006, Bohn worked in the fields of corporate finance and equity capital markets at Merrill Lynch and Deutsche Bank in Frankfurt and London
Following Bohn’s appointment, Patrizia’s managing board will comprise three members: CEO Wolfgang Egger, COO Klaus Schmitt, and CFO Karim Bohn.
Consolidation
Bohn’s recent career moves run parallel to the rapid consolidation taking place in the German residential property sector. Vonovia, formerly Deutsche Annington, has played a major role in this consolidation process.
Patrizia acquired Südewo, formerly LBBW Immobilien, from commercial banking group LBBW in February 2012. In June this year Patrizia sold Südewo and its 19,800 apartments to Deutsche Annington for €1.9 bn.
Vitus and its 30,000 residential units were acquired by Deutsche Annington for €1.5 bn in early 2014. Deutsche Annington changed its name to Vonovia earlier this year on completion of its €3.9 bn takeover of Gagfah and its 145,000 units.
