Aareal Bank today hived off its property valuation business into a wholly owned subsidiary. The newly established Aareal Valuation GmbH is based in Wiesbaden, and has other offices in Essen, Berlin, Leipzig and Munich. The company has approximately 30 employees.
"This hiving off is a further step in our six-point re-orientation programme as scheduled," comments Aareal Bank CEO Dr. Wolf Schumacher. Establishing Aareal Valuation GmbH will reinforce the core competence of the bank in international property financing.
The core business of Aareal Valuation GmbH is providing valuation services, drawing up market and lending valuations and monitoring construction projects in all regions of the German property market. The company also gives advice in technical and commercial aspects of property but not in legal matters.
"The new valuation company is very well equipped to act successfully in the market and acquire third-party business," declares Dr. Wolf Schumacher with confidence. Initially the company will be providing services for Aareal Bank, but later further clients will be sought. The highly qualified team covers a variety of disciplines, including experts who have taken the examination to gain the Europe-wide recognised HypZert certificate for property valuers and qualified members of the internationally renowned property specialist organisation, the Royal Institution of Chartered Surveyors.
Source: Aareal Bank