Pecik, who will start on the position on May 4, is a minority owner with an 11% stake in the company together with business partner, Slovak property mogul Peter Korbacka. He is also a shareholder in Immofinanz’s cross-town peer ‘S Immo, with a 14% stake together with a partner.

Born in Croatia and raised in Austria, the 58-year old entrepreneur bought the €300 mln stake in February in a move which is widely expected to usher in merger negotiations between Immofinanz and ‘S Immo. The two companies ended talks in late 2019 as they could not reach an agreement over a possible share exchange ratio.

A tie-up between the two companies has been on and off for years and would create a €7 bn office and retail property giant focused on Austria, Germany and eastern Europe. The two groups are already interlinked, with Immofinanz holding 29% in S Immo, and the smaller firm holding 12% in Immofinanz.

‘Ronny Pecik is a leading entrepreneur and his many years of experience in executive and supervisory board positions, carry a special strengthening of the Executive Board in challenging times like these. Further there is also a strong entrepreneurial responsibility grounded in the significant stake in Immofinanz,’ said Michael Knap, Chairman of the Supervisory Board of Immofinanz.
 
Pecik bought the stake at a high premium of €29.50 a share from Rudolf Fries, a key Immofinanz shareholder ever since he bought his first stake in 2008. Fries, Immofinanz’s deputy chairman of the supervisory board, left the company last month. CEO Schumy followed shortly thereafter.