Instone Real Estate Group AG: CFO Oliver Schmitt leaves for new shores, Foruhar Madjlessi appointed as successor


Essen, 21 November 2018: A change is going to occur in the position of the Chief Financial Officer at Instone Real Estate Group AG: Current CFO, Oliver Schmitt, will step down from the Management Board of the Essen-based project developer at his own request and by mutual consent with effect from end of this calendar year. After eight years with Instone and one of its predecessor companies, the residential developer formart, Schmitt wishes to take up new entrepreneurial challenges.

"Oliver Schmitt played a significant role in the merger of formart and GRK to create Instone Real Estate Group AG and the company's successful IPO early this year," commented Stefan Brendgen, Chairman of the Supervisory Board of Instone Real Estate Group AG. "The Supervisory Board and the Management Board would like to express its gratitude to Oliver Schmitt, not least on behalf of all of the company's employees, for everything he has achieved and for his tireless commitment. We wish him all the very best for the future both personally and professionally."

Business administration graduate Oliver Schmitt is a long-standing and highly respected expert in the real estate industry. Before joining formart, where he was responsible for finance and business management, he headed various HOCHTIEF branches in North Rhine-Westphalia, where his tasks included the development of residential and commercial projects. His last role at HOCHTIEF was as the head of residential construction, which he was later responsible for integrating into formart and taking public along with the Leipzig-based GRK Group as Instone Real Estate Group AG.

The Supervisory Board has appointed Dr Foruhar Madjlessi as Schmitt's successor as CFO of Instone Real Estate Group AG as of January 1, 2019. Madjlessi, 51, is a business engineer and will join Instone from Deutsche Bank, where he served as Managing Director, responsible for ECM in the Germany, Austria and Switzerland (DACH) region.

"My colleagues on the Management Board and I are delighted to welcome Dr Foruhar Madjlessi, an extremely experienced and widely recognised capital market expert who will be an outstanding addition to our management team," commented Kruno Crepulja, CEO of Instone Real Estate Group AG. "His many years of experience in the area of corporate finance, his excellent personal network in the international investor scene and his extensive expertise, particularly when it comes to listed companies, will be important factors in Instone's successful, future-oriented expansion."

Dr Madjlessi is moving to the Essen-based project developer after twelve years at Deutsche Bank. His previous roles include various positions at Merrill Lynch in Frankfurt, London and New York.

About Instone Real Estate (IRE)

Instone Real Estate is one of Germany's leading residential developers and is listed in the Prime Standard at the Frankfurt Stock Exchange. The company develops attractive multi-family and residential buildings as well as publicly subsidized housing, designs modern urban quarters and refurbishes listed buildings for residential use. Buyers are mainly owner-occupiers, private investors and institutional investors. In 27 years, Instone Real Estate has successfully developed more than one million square metres. Around 300 employees work at eight locations nationwide. As of 30 June 2018, Instone Real Estate's project portfolio comprised 44 development projects with an expected total sales volume of roughly EUR 3.6 billion and around 8,900 units.

Press contact
Instone Real Estate
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Franziska Jenkel
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10179 Berlin
Tel.: +49 (0)30 2844987-61
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Email: [email protected]