Stumpf UK - Appointment - Stewart Knight

Date: 10 May 2005

Stumpf AG, Austria's leading property developer headed by Georg Stumpf, has launched in the UK and has appointed Stewart Knight, former head of City development at Atisreal in London to spearhead its central London development drive.

Stumpf UK, which has considerable financial firepower, will initially concentrate on large scale office developments in the City and West End and will be based in Mayfair.

Stewart Knight comments: "This is an opportune moment to enter the development cycle in central London, especially with regard to offices, as occupational demand improves against the backdrop of increasingly limited established grade A stock. I am looking forward to the challenge of spearheading the UK arm of an established successful European property company."

Stumpf AG was responsible for developing Europe's fourth tallest office building, the Millennium Tower in Vienna. The group owns 7m sq ft (650,300 sq m) of residential and commercial property in Vienna and is currently developing a 1.5 million sq ft (139,350 sq m) retail and residential scheme in the Austrian capital.

The formation of Stumpf UK follows the appointment earlier this year of Chris Bennett, former chairman of DTZ Central and Eastern Europe, to concentrate on opportunities in those markets. Stumpf AG has ongoing projects in Prague, Berlin and Budapest.

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