ADLER Real Estate AG: Tomas de Vargas Machuca steps down from the Management Board

Berlin, 2 November 2020 - As of 15 November 2020, Tomas de Vargas Machuca is stepping down from the Management Board of ADLER Real Estate AG. He had been responsible for the company's capital market activities as Chairman of the Executive Committee since 2013, and took over the position of Management Board member and co-CEO in December 2017. Since the middle of the year, more than 95 percent of the shares in ADLER Real Estate AG are owned by ADLER Group S.A., formerly ADO Properties S.A. The other members of the Management Board will remain unchanged, with Maximilian Rienecker as sole CEO and Sven-Christian Frank as COO of the company.

The chairman of ADLER's Supervisory Board, Martin Billhardt said: "On behalf of the entire Supervisory Board, I would like to thank Tomas de Vargas Machuca for his effort and commitment to grow and transform ADLER into what is now a leading company in the German real estate industry. In particular, he had great part in bringing the financing of the company to a competitive level."

Tomas de Vargas Machuca responded: "Since 2013 it has been a privilege to work alongside such a dedicated team at ADLER growing the Company within a very competitive environment. I will remain a dedicated shareholder in ADLER Group and have full confidence in Maximilian Rienecker and Thierry Beaudemoulin's ability to unlock the significant value the group has to offer. I wish everyone the very best going forward."

Contact for enquiries:

Tina Kladnik
Head of Investor Relations
ADLER Real Estate AG
Tel: +49 (30) 398018123
[email protected]