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Union Investment Real Estate reorganizes and adds social infrastructure focus

The firm, which manages €40B across 22 countries, will cut four management divisions to three and expand its strategy to include healthcare and education properties.

Reported · Written up by our desk · Industry

Union Investment Real Estate is restructuring its organization, merging two divisions as it responds to changes in the market and shifts in how it plans to invest. The firm said it has €40B in assets under management across 22 countries, and it will replace four management divisions with three: fund management, real estate management, and operations.

Under the new setup, Union will create a real estate management department, headed by Karim Esch, that integrates investment and asset management. It will oversee activities across the portfolio lifecycle, including acquisitions and disposals, asset management and lettings, as well as sustainability strategy.

Union Investment also said the reorganization includes personnel changes, with Henrike Waldburg, a board member responsible for asset management, choosing not to extend her contract. In addition, Gerald Kremer, chief operating officer in the management team, will take on a wider remit in the operations division, while board chairman Michael Bütter will remain responsible for real estate strategy, fund management, and marketing and communication.

The company said the changes are intended to accelerate its digitisation and artificial intelligence strategy, though it did not provide specific details. To diversify its portfolio, Union will gradually add property-related social infrastructure to existing and new funds, typically assets such as healthcare and educational properties, with the rollout planned in core European markets.

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