Essen, 10 August 2018: End of June, the general meeting of Instone Real Estate had unanimously resolved to convert Instone Real Estate into a stock corporation under German law. The consummation of the conversion was still subject to the Management Board’s and the Supervisory Board’s approval. Meanwhile, they have given their consent to the conversion. Positive binding tax rulings issued by the German tax authorities (which has since been received) were an essential prerequisite for the boards' decision. The change of legal form shall be filed with the commercial register in due course. After entry in the commercial register, the listed residential development company will operate under Instone Real Estate Group AG with its registered office in Essen.
Kruno Crepulja, CEO of Instone Real Estate, commented: "With the resolution to change the legal form, the Management Board and the Supervisory Board jointly agree to the unanimous decision of the annual general meeting. This clearly reflects that all bodies are convinced of the importance of this step. We have laid an important foundation to further grow in the German residential real estate market in line with our strategy as a German stock corporation."
Instone Real Estate
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Tel.: 030 2844987-61