Sonja Wärntges Steps Down as Branicks Group AG CEO After Restructuring Deal
Sonja Wärntges is stepping down as chairwoman of the executive board of Branicks Group AG and will leave the board by mutual agreement at the end of October 2026, the Frankfurt am Main-based real estate company announced on Oct. 29. Wärntges joined the executive board in May 2013 as chief financial officer and has led the company since October 2017.
Executive Board Reduced to Two Members
From November 2026, the Branicks Group AG executive board will consist of two members. Josef Schultheis, who serves as chief restructuring officer, will take on Wärntges' previous responsibilities in addition to his current role. Johannes von Mutius will continue as chief investment officer.
Wärntges has been on the board since May 2013. She served first as chief financial officer and then as chairwoman of the executive board starting in October 2017, a tenure of more than nine years as CEO.
Wärntges: Restructuring Plan Is a Milestone
In the company's announcement, Wärntges said: "The past few years have been marked by successes, but also—most recently—by significant challenges. With the agreed-upon restructuring plan, we have reached an important milestone. That is why now is the right time to hand over responsibility. I would like to thank the Supervisory Board, my colleagues on the Executive Board, and all employees for their cooperation, and I wish Branicks continued success."
On behalf of the supervisory board, its chairman thanked Wärntges for her dedication during various phases of the company's development and wished her well personally and professionally.
Departure Follows July Restructuring Agreement
The leadership change follows a creditor-backed restructuring agreement Branicks reached in July 2026. The agreement provides €35 million of new money for Branicks and €60 million for subsidiary VIB Vermögen, and extends debt maturities. It also reduced the nominal amount of the company's existing bond to €258.8 million and the combined Schuldschein and registered-note instruments to €116.2 million.
The original agreement required Wärntges to remain CEO only until no later than Dec. 31, 2026. Her departure at the end of October therefore moves up a handover that had been contemplated under the restructuring framework, and places execution of the plan under a smaller management team led by the chief restructuring officer.
Financial and Portfolio Context
Branicks reported operational stability in the first half of 2026, while balance-sheet metrics remained under pressure. The Commercial Portfolio had a book value of approximately €2.02 billion at June 30, compared with €2.03 billion at year-end 2025. Net asset value fell to €502.8 million from €615.4 million, or €6.02 per share versus €7.36. Operating expenses declined 8.5% year over year to €25.8 million in the first half, from €28.2 million a year earlier. The market value of the commercial portfolio was approximately €2.2 billion, down from €2.7 billion in the comparable 2025 period.
Branicks Group AG, formerly DIC Asset AG, specializes in office and logistics real estate in Germany and operates nine locations across major German markets, including VIB Vermögen AG. As of June 30, 2026, the company managed properties with a market value of €10.1 billion across its Commercial Portfolio and Institutional Business segments. At March 31, 2026, the Commercial Portfolio comprised 122 properties with a market value of €2.19 billion, and the Institutional Business comprised 146 properties valued at €8.24 billion, for a combined 268 properties valued at €10.43 billion. The company's shares are listed in the Prime Standard of the German Stock Exchange.
Market Backdrop for German Office and Logistics Assets
Branicks operates in a market where financing costs, valuation pressure and selective investor demand remain central issues. First-half 2026 office investment volume in Germany's major markets reached €4.3 billion, up 14% year over year, with office prime yields at approximately 4.50%. Logistics yields were higher at about 4.70%, up 20 basis points. Office vacancy stood at 8.9%, with approximately 1.958 million square meters of space available.
A separate logistics-market survey reported about 1.84 million square meters of new logistics space completed in the first half of 2026, with average prime rents in major locations around €8.90 per square meter and prime yields rising from 4.6% to 4.7%.
Implications for Investors
The CEO change is tied to the company's recapitalization. Questions for investors and commercial real estate professionals include whether the reduced management team can deliver the agreed refinancing, stabilize net asset value and preserve liquidity amid lower valuations, elevated office vacancy and rising logistics yields. The two-person executive structure concentrates restructuring and operational responsibilities in Schultheis during a financially sensitive period.
Sources
- Branicks Group AG press release (German): https://branicks.com/branicks-group-ag-sonja-waerntges-legt-vorstandsvorsitz-nieder/
- Branicks Group AG press release (English): https://branicks.com/en/branicks-group-ag-sonja-waerntges-steps-down-as-ceo/