Two executives of Tag Immobilien have been appointed to the management board of Colonia Real Estate. The appointments of Rolf Elgeti and Hans-Ulrich Sutter, respectively CEO and chief financial officer of Tag, come after the Hamburg-based property company increased its shareholding in Colonia to just over 50%.

The pair are among the handful of listed real estate companies in Germany. Cologne-based Colonia is one of the leading listed real estate investment and management groups in Germany with round about 19,000 residential units and EUR 2.1 bn of assets under management. Tag Immobilien launched a EUR 174 mln voluntary takeover offer for Colonia in November last year. It was rejected by Colonia's board last month.

Tag's core activities are management and development of 4,239 residential and commercial properties, totalling 953,000 m2, which it owns in Germany.