Deutsche Annington Appoints Chief Executive Officer Before IPODalia Fahmy
Deutsche Annington Immobilien AG, Germany’s largest residential landlord, appointed a chief executive officer before an initial public offering planned for this year.
Rolf Buch, the former head of Bertelsmann SE unit Arvato AG, will become CEO on April 1, Deutsche Annington said in a statement today. The position had been vacant since Wijnand Donkers, the last CEO, left the Bochum-based company in September.
The hire allows Deutsche Annington, owned by Guy Hands’ Terra Firma Capital Partners Ltd., to proceed with its plan to sell shares to the public for the first time. In December, Deutsche Annington received court approval to restructure Europe’s largest corporate commercial mortgage-backed security.
Deutsche Annington is targeting July 4 for the IPO, a person with knowledge of the plan said. The person asked not to be identified because the information hadn’t been made public. JPMorgan Chase & Co. and Morgan Stanley will manage the IPO.
Since Donkers’ departure, the company has been led by Chief Financial Officer A. Stefan Kirsten and Terra Firma Chief Operating Officer Robert Barr.
Deutsche Annington owns 186,000 homes in Germany, making it the company with the most number of residential units. The homes were valued at 9.9 billion euros in its 2011 annual report, including about 6.7 billion euros in debt.