Union Investment Real Estate GmbH, based in Hamburg, is undergoing a restructuring of its management board divisions. This measure serves to adapt to changing market requirements and includes an adjusted leadership model. Instead of four management board divisions, there will be three departments in the future: Fund Management, Real Estate Management, and Operations.
The newly established Real Estate Management department, which integrates Investment and Asset Management, will be headed by Karim Esch. This department will henceforth be responsible for the entire real estate value chain. This includes acquisitions, portfolio management, leasing, sustainability strategy, the economic and technical development of existing properties, and disposals. These tasks will be carried out for both existing and new funds, as well as within the framework of portfolio management for third parties.
Michael Bütter, Chairman of the Management Board of Union Investment Real Estate GmbH, stated that with this integrated investment and asset management, they are optimally positioned for the resurgence of the real estate markets. This will enable a high value contribution for private and institutional clients. It is expected that in the new market cycle, high rental income yields will gain greater importance for overall returns than valuation uplifts. To this end, a holistic real estate management approach is being established, which leverages regional expertise in Germany and European markets across all investment phases.
Personnel Changes in the Management Board
As part of this restructuring, Henrike Waldburg will depart from the Management Board on 31 August 2026. She had decided not to extend her contract. Since 2023, as a Managing Director, she was responsible for the asset management of a portfolio with a volume exceeding EUR 40 billion, spread across 22 country markets. Her area of responsibility included portfolio and leasing management, project development, and the sustainability strategy of the real estate portfolio. Additionally, she served as Deputy CIO.
Frank Engels, Chairman of the Supervisory Board of Union Investment Real Estate GmbH, thanked Ms. Waldburg for her commitment, loyalty, and contribution to the company's development. He recognised her as a leader with considerable experience who had made significant contributions to the firm, particularly through initiating numerous changes and making important contributions to the digitalisation and modernisation of central business processes. The company regrets her departure.
Michael Bütter will remain Chairman of the Management Board. His responsibilities include real estate strategy, fund management including fund controlling and financing management, as well as marketing and communications. Gerald Kremer, as COO, will take on expanded responsibilities in Operations. In addition to his responsibility for operational infrastructure and processes, he will also be responsible for expanding the use of artificial intelligence and digitalisation. Kremer's responsibilities also include the technological transformation of the real estate platform, product development, data management, controlling, real estate research, real estate law, taxes, and participations management.
Adjusted Investment Strategy
The organisational realignment is closely linked to an evolved investment strategy for the new market cycle and the restructuring of portfolios. To increase portfolio diversification, Union Investment Real Estate intends to successively expand its investment spectrum in existing and, prospectively, new funds to include social, real estate-related infrastructure. The investment focus will be on the core European markets.
