Jörg Schwagenscheidt (52) will resign from his position as non-executive director of ADO Properties S.A. by mutual consent no later than 30 September 2016 to rule out potential conflicts of interest.

Jörg Schwagenscheidt serves as CEO of PMM Partners Germany GmbH, a Berlin-based subsidiary of PMM Partners Ltd., London, since September 2015. PMM acts as third-party asset manager of Phoenix Spree Deutschland Fund (PSD), a company listed on the London Stock Exchange. Although there have been no occurrences to date where a conflict of interest has existed, Jörg Schwagenscheidt decided to resign his mandate in order to eliminate the risk of a potential conflict in future.

Jörg Schwagenscheidt will assist the Board of Directors in its search for a qualified candidate and will resign his position when a successor is identified, but in any case no later than 30 September 2016.

"While we regret that Jörg Schwagenscheidt will leave us, we do accept and respect his decision. As non-executive director, Jörg Schwagenscheidt has supported our company in an important phase during which we set the base for future growth and successfully continued the development of our operations. We benefited from his long-term experience and expertise in the Berlin residential property market. We would like to thank Jörg Schwagenscheidt for his commitment to ADO Properties, and wish him every success in the future," said Moshe Lahmani, Chairman of ADO Properties.