IVG has unveiled Gerhard Niesslein as its new CEO
Niesslein joins from DeTe Immobilien, the facilities management arm of Deutsche Telekom, where he was its CEO from 1999 to last month.
He takes over from Wolfhard Leichnitz who resigned from the position last month for personal reasons.
IVG chairman Detlef Bierbaum said: ‘Gerhard Niesslein is a strong leader with an entrepreneurial spirit and more than 30 years of experience in the international real estate business. We are convinced that he will consolidate and strengthen the leading role of IVG Immobilien AG in Europe.’
IVG’s share price has suffered alongside most of Europe’s biggest quoted property companies owing to the banking crisis and a negative sentiment towards property investment.
The company’s market capitalisation halved over the last two months, although shares were up by 11% last night reflecting a market capitalisation of €629.8m (£495.4m).