March 19 (Bloomberg) -- GSW Immobilien AG, the fourth-largest German residential landlord by market value, named Bernd Kottmann as its chief executive officer as its current head is leaving to run a larger competitor.
Kottmann, 55, will take over on April 16, GSW said in a statement yesterday after the market closed.
“GSW will continue to follow its strategic course to growth under the new CEO,” the Berlin-based company said.
Kottmann had worked at IVG Immobilien AG as chief operating officer and chief financial officer until leaving in 2009. IVG’s stock has dropped about 93 percent in the past five years as the Bonn-based company struggles to pay debt used to make acquisitions.
GSW CEO Thomas Zinnoecker asked to be released from his contract early in order to run Gagfah SA, Germany’s third-largest residential landlord by market value.
GSW owns 60,000 apartments, mainly in Berlin, and is benefiting from rising rents as the population in the German capital increases. The stock has gained about 31 percent in the past 12 months and was down 1.3 percent at 32.06 euros at 9:54 a.m. in Frankfurt trading.
On March 6, IVG fell the most since September 2001 after missing its 2012 profit forecast and saying it won’t pay a dividend. The company said it had an annual loss of 98.7 million euros because of one-time costs tied to development projects.
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