Union Investment Real Estate opens office in London
• Local team of three investment and asset managers installed
05 April 2022 I Author Fabian Hellbusch I Reading time: 3 minutes
Union Investment Real Estate GmbH is significantly expanding its direct presence in Europe’s key property markets. The Hamburg-based real estate manager opened its sixth office outside Germany last week: a local hub in London that is modelled on the office opened in Paris in 2011. The aim is to gradually establish a fully integrated team of specialists in various disciplines who will cover the entire property lifecycle. The initial team of three local investment and asset management experts working out of the London office has responsibility for the UK and Irish real estate markets, where Union Investment currently has real estate assets under management totalling around EUR 4.3 billion. Union Investment has invested some EUR 1.4 billion in London and the UK’s regional markets since the Brexit referendum, while Ireland has become significantly more important for Union Investment over the past two years across the office, residential and logistics asset classes.
“The proven quality and local expertise of this high-calibre local team will enable us to continue our 30-year success story in the UK and build on our seven-year track record in Ireland.”
Michael Bütter, CEO and Chairman of the Management Board of Union Investment Real Estate GmbH
The new London-based team comprises Miles Skinner (Head of Transactions UK & Ireland), Jacob Thompson (Investment Manager UK & Ireland) and Peter McNamara (Senior Asset Manager UK). The three team members have joined from highly regarded real estate companies DWS Group, Invesco and Cromwell Property Group. Going forward, the aim is to expand local resources further and add technical management and development functions.
“By opening an office in London, we expect to increase market penetration both on the transaction side and in terms of asset management. A huge amount of ESG expertise will be required in both areas in the future,” said Michael Bütter.
“With regard to tapping into residential property markets in particular, a local presence is a real competitive advantage that makes it easier for us to continually update our diversification strategy in the UK and Ireland,” said CIO Martin J. Brühl.
Union Investment is currently underallocated to the UK relative to its total portfolio of around EUR 45 billion. Given favourable conditions, the company plans to increase the proportion of UK properties in its portfolio over the next few years.
“Our funds have the flexibility to cover a wide range of asset classes, investment styles from core to core plus, and lot sizes of between EUR 50 and 500 million. With our flexible investment platform and team on the ground, we will be even better placed to identify acquisition and sales opportunities in the UK and Ireland in the future, and also to act faster and more efficiently without compromising on quality,” said CEO Michael Bütter.
For Union Investment Real Estate GmbH