16 December 2019
Seamless transition in top management
Dr. Reinhard Kutscher hands over chairmanship of board to Jörn Stobbe
After more than 20 years in the management team at Union Investment Real Estate GmbH, including the last 12 as Chairman, Dr. Reinhard Kutscher (65) will hand over his duties to successor Jörn Stobbe (54) at the end of the year. As well as becoming Chairman of the management board, Jörn Stobbe will take over the leadership of Union Investment’s Real Estate segment from Dr. Kutscher, who has held various positions in the real estate sector since 1984.
Growth in AUM from EUR 8 bn to EUR 43 bn
In the two decades with Dr. Kutscher at the helm, Union Investment increased its real estate assets under management more than fivefold, from around EUR 8 billion to over EUR 43 billion. The number of commercial properties managed has risen from around 150 to approximately 400 during his term of office. Under Dr. Kutscher’s leadership, Union Investment has also grown to become Germany’s biggest provider of open-ended real estate funds.
Four focus areas
Four important areas are particularly associated with Dr. Reinhard Kutscher’s era: the continuous and successful development of the open-ended real estate funds asset class, the international expansion of Union Investment’s real estate business, pioneering work in the field of sustainability, and a longstanding commitment to training and developing junior staff in the real estate sector.
“Dr. Reinhard Kutscher has been instrumental in shaping the German real estate sector over several decades and is highly regarded both at home and abroad. Within the Union Investment Group, he has turned the Real Estate segment into a robust business that delivers high returns. This work will now continue under the leadership of Jörn Stobbe, who will bring his own ideas to the role while also ensuring a high degree of continuity.”
Jens Wilhelm, the management board member responsible for real estate, portfolio management and infrastructure at Union Asset Management Holding AG
Active in many functions
Dr. Kutscher was also active outside Union Investment in a range of roles aimed at taking the German real estate sector forward. In summer 2007, he became a member of the executive committee of the German Property Federation (ZIA), where he played a leading role in drafting its first sustainability code, which was published in 2013. He acted as chairman of the real estate committee of the German Investment and Asset Management Association (BVI) at various key stages over many years. Dr. Kutscher also held various roles at the Urban Land Institute (ULI) and made a significant contribution towards establishing the global ULI network in Germany. To promote the next generation in the real estate sector, Dr. Kutscher was instrumental in establishing the Real Estate & Leadership master’s degree programme at Hamburg School of Business Administration (HSBA).
Dr. Reinhard Kutscher has been Chairman of the Management Board of Union Investment Real Estate GmbH since 2009. As segment head, he was responsible for the Union Investment Group's entire real estate business. From 1999 to 2007, before the company changed its legal status, he was a member of the Management Board at Union Investment Real Estate AG, and was its Chairman from 2007.
Reinhard Kutscher can look back on many years' experience in the real-estate industry. From 1990 to 1998, he was managing director of Deutsche Bank's investment company for open-ended real estate funds. In the six years prior to that, he held various functions at Deutsche Bank's head office in Frankfurt, including designing and marketing real estate funds for private investors, as well as developing and managing commercial real estate in Germany and abroad.
From 1 January 2020 Jörn Stobbe will be Chairman of the Management Board of Union Investment Real Estate GmbH. As segment head, he will be responsible for the Union Investment Group's entire real estate business. He has been a member of the Management Board of Union Investment Real Estate GmbH and of Union Investment Institutional Property GmbH since spring 2017. As COO, his primary responsibilities were process optimisation, strategy and digital transformation.
Jörn Stobbe has 20 years’ experience in international real estate transactions and asset management. Before joining Union Investment he worked as managing director at RREEF Management GmbH. Prior to that, he spent ten years as a partner at Clifford Chance.
High degree of continuity
Dr. Reinhard Kutscher is leaving Union Investment on 31 December 2019 due to reaching retirement age. His successor, Jörn Stobbe, has been a member of the management team at Union Investment Real Estate GmbH and at Union Investment Institutional Property GmbH since February 2017. As Chief Operating Officer, Jörn Stobbe has focused in particular on driving forward digitisation of the company’s real estate activities and on preparing the organisation for new growth in both institutional and retail real estate business. Alongside Jörn Stobbe, the management board of Union Investment Real Estate GmbH includes Martin J. Brühl, who is responsible for global investment management, and Volker Noack, who is in charge of asset management.
For Union Investment Real Estate GmbH