Dr Lutz Ristow, former chairman of RSE Grundbesitz, is to lead a consortium to spin off all the non-German commercial property from the WCM and RSE companies.
The restructuring between the two companies – WCM owns 68% of RSE – will leave WCM owning the residential components of RSE, and Ristow spinning out any non-German assets that the two companies hold.
It is understood that WCM’s takeover of RSE was always intended to increase the company’s exposure to residential. However, the restructuring, which was part of the takeover plan, was not expected to happen in the short term but has now become more of priority, according to a spokesman for RSE.
The conflict of interest means that Ristow will not take up his appointment as chief executive of WCM. Ristow is seeking backers for the transaction.
Details of the deal have yet to be finalised. It is thought that Ristow wants his pan-European-focused company to remain listed but it is not yet certain whether this will be done using the RSE company shell or whether a new vehicle will be set up.
