Schöningh takes reins at Homburg Invest

Richard Homburg, founder and controlling shareholder of Homburg Invest, has announced his intention to step down from his roles as chairman of the Board, Chief Executive Officer and director of Homburg Invest 'in order to focus on developing a privately-owned global real estate venture'.

Homburg will be joined at the new firm by Richard Stolle, who is also stepping down from his role of president and Chief Operating Officer at Homburg Invest. Jan Schöningh, who is currently president, North America, will become the new president and Chief Executive Officer of the company. Schöningh joined the Homburg Group of Companies in 2007 as Vice-President, Development of Homburg Canada. Originally from the Netherlands, he possesses a strong track record in both real estate and hotel management, in Canada and abroad, the company said in a press statement.

'It has been a highly-challenging 18 months, and we have navigated through it with many successes. Following the financial crisis three years ago, we developed and executed our strategic plan to initially protect and then unlock value for shareholders,' said Richard Homburg. 'We highlighted the value in our Canadian assets by creating the Homburg Canada REIT, the value of which now exceeds the total market capitalization of Homburg Invest. We consolidated our holdings in the US, whereas in Germany we fully recovered our investment in the Quelle property, which had previously been written down. The time is right for someone new to step in and take our strategy to the next level.'

Schöningh said that his first priority will be to further develop and refine the company's strategy with a view to ensuring that the company's share price reflects the full value of its assets in Canada, Europe and the US.

The company will also initiate a search for a chief operating officer with strong global real estate experience.