After the Bonn City Council decided to establish the urban development company at its December meeting, the shareholders' agreement was concluded before the notary in January. The Supervisory Board met for the first time on January 26.

At the meeting, Holger Schmidt was elected as Chairman of the Supervisory Board and Paul Brückner and Bert Moll as Deputy Chairmen from among the members of the Supervisory Board. In addition to the election, the Supervisory Board dealt with the search for a full-time management team. To this end, Volker Hofmann from CN St. Gallen Personalberatung presented the timetable and an initial draft of a profile for the Management Board, which was the subject of the Supervisory Board's deliberations. The company is looking for a person with sound previous experience in the implementation of high-quality urban development projects.

A job advertisement will now be published in the near future. Until a full-time managing director is found, Kerim Abulzahab, Head of the Real Estate Department at the Office for Economic Development, Real Estate and Tourism, will take on the role of managing director.

The company will give the city group the expertise to drive forward important urban development projects itself. It is intended to develop urban areas to a high standard in terms of urban planning, climate and ecology and, in particular, to promote the creation of affordable housing. In addition to the City of Bonn with a 74.9 percent stake, Stadtwerke Bonn GmbH (SWB) also holds a 25.1 percent stake in the new company.