Management

Fast decisions, clear lines of responsibility. This section provides a quick overview of the individual areas of responsibility at executive level. It also lists all managing directors with their current CVs.

Three investment management companies – one centre of competence for real estate.

Within the Union Investment Group, the following companies comprise the centre of competence for real estate.

Union Investment Real Estate GmbH

Union Investment Real Estate GmbH is Germany’s largest investment management company for open-ended real estate funds. The company’s management of real estate funds for private investors laid the foundation for its comprehensive property expertise. Union Investment Real Estate GmbH handles real estate asset management for the entire Group.

Dr. Reinhard Kutscher

Dr. Reinhard Kutscher

CEO, Chairman of the Management Board
 

Areas of responsibility

  • Fondsmanagement
  • Fondssupport
  • Real Estate Marketing, Communication
Martin J.Brühl

Martin J. Brühl

CIO and Member of the Management Board
 

Areas of responsibility

  • Investment Management
    • Europa
    • Overseas
    • Retail
    • Hospitality
Volker Noack

Volker Noack

Member of the Management Board

Areas of responsibility

  • Real Estate Project Management
  • Data Management and Real Estate Services
  • Asset Management
    • Germany and Europe
    • Overseas
    • Retail und Hospitality
Jörn Stobbe

Jörn Stobbe

COO and Member of the Management Board

Areas of responsibility

  • Division Management
  • Participation Management
  • Real Estate Law
  • Tax Management

Short profiles of Union Investment Real Estate GmbH management team members

Dr. Reinhard Kutscher, CEO

Dr. Reinhard Kutscher has been Chairman of the Management Board of Union Investment Real Estate GmbH since 2009. As segment head, he is 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.

Martin J. Brühl, CIO

Martin Brühl has been a member of the Management Board of Union Investment Real Estate GmbH in Hamburg since 2016. As Chief Investment Officer, he oversees all transactions in Union Investment’s 23 national markets worldwide. The business area Brühl is responsible for is structured into two geographical units, Europe and Overseas, covering office investments in both markets, as well as two additional teams, Retail and Hospitality, each with global reach. As a certified and publicly appointed sworn expert valuer, Brühl’s background is in valuation and real estate capital markets advisory. For most of his career, he has worked for major international real estate consultancies. From 2007 to 2012, he held the position of managing partner at Cushman & Wakefield’s German operations and was a member of the firm’s European board of directors. Between 2015 and 2016, Martin Brühl served as president of the Royal Institution of Chartered Surveyors, and alongside his day job he continues to be an ambassador for advancing professional and ethical standards in land, property and construction around the globe. Martin J. Brühl holds a German banking diploma and a degree in property valuation and finance from City University Business School in London.

 

Jörn Stobbe, COO

Jörn Stobbe 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 are process optimisation, strategy and digital transformation.
Jörn Stobbe has 20 years’ experience in international real estate transactions and asset management, most recently as managing director at RREEF Management GmbH. Prior to that, he spent ten years as a partner at Clifford Chance.

Volker Noack

Volker Noack has been a member of the Management Board of Union Investment Real Estate GmbH since 2010. He is responsible for asset management of the company’s global real estate portfolio, which is currently worth around EUR 29 billion. His department oversees the Real Estate Asset Management team, which includes regional Asset Management units for Germany, Europe and Overseas and dedicated units covering Retail and Hospitality, with duties that comprise all the value-relevant activities in the real estate lifecycle. Noack is also responsible for the implementation and quality assurance of new build projects and for remodelling/extension work on existing real estate assets, all of which are handled by the Real Estate Project Management unit. In addition, he heads up the Data Management and Real Estate Services department.
Volker Noack has a degree in business administration and joined Union Investment Real Estate in 1996, working initially in the research section. In 2002, he joined the real estate financial control and expert appraisals team, subsequently serving as head of this department. Volker Noack was then head of the fund management department for three years, where his remit included managing the company's largest retail fund. Before taking over the Asset Management division, Noack was responsible for fund and equity interest management as managing director.

Union Investment Institutional Property GmbH

Union Investment has been active in the institutional real estate sector since 1976. Union Investment Institutional Property GmbH, which is headquartered in Hamburg, focuses on real estate solutions (special funds, service mandates and pooling vehicles) for institutional Investors.

Jörn Stobbe

Jörn Stobbe

COO and Member of the Management Board

Areas of responsibility

  • Institutional Property Solutions
  • Risk Management
  • Compliance
Wolfgang Kessler

Wolfgang Kessler

Member of the Management Board

Areas of responsibility

  • Institutional Fund Management I and II

Short profiles of Union Investment Institutional Property GmbH management team members

Jörn Stobbe, COO

Jörn Stobbe 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 are process optimisation, strategy and digital transformation.
Jörn Stobbe has 20 years’ experience in international real estate transactions and asset management, most recently as managing director at RREEF Management GmbH. Prior to that, he spent ten years as a partner at Clifford Chance.

Wolfgang Kessler

Wolfgang Kessler has been a member of the Management Board of Union Investment Institutional Property GmbH since 2002 and is responsible for fund management for institutional real estate investors. Prior to joining the senior management team, Kessler, who has a degree in business administration, was head of real estate controlling, portfolio management and research at the company.
Wolfgang Kessler studied property economics at EBS and is a chartered surveyor (RICS – Royal Institution of Chartered Surveyors). He previously held various positions in the real estate industry, focusing on property development, management and investment in the residential and commercial sectors.

Union Investment Real Estate Austria AG

Union Investment Real Estate Austria AG is headquartered in Vienna. Its main product, immofonds 1, is targeted at private investors in Austria. The company manages real estate investments across the Austrian and German markets on behalf of its Investors.

Areas of responsibility

  • Investment Management
  • Asset Management

Areas of responsibility

  • Fund Management
  • Fund Accounting

Areas of responsibility

  • Risk Management

Short profiles of Union Investment Real Estate Austria AG management team members

Dr. Kurt Rossmüller

Dr. Kurt Rossmüller has been a member of the Management Board of Union Investment Real Estate Austria AG (and its predecessor Immo Kapitalanlage AG) since 2005, with primary responsibility for investment management. He previously played a key role in establishing and developing the company.

Prior to becoming involved in real estate funds, he held various roles at Immoconsult Leasing Gesellschaft mbH, the development and finance arm of Österreichische Volksbanken-AG. This included setting up and implementing real estate financing projects, as well as developing and managing commercial real estate in Germany and various CEE countries.

Dr. Kurt Rossmüller is a member of the Royal Institution of Chartered Surveyors and a court-sworn and certified expert valuer for real estate.

Lars Fuhrmann

Lars Fuhrmann has been a member of the Management Board of Union Investment Real Estate Austria AG since 2011. He is responsible for fund management, as well as commercial fund management/fund accounting. Before the Union Investment Group acquired the then Immo Kapitalanlage AG at the end of 2015, he was in charge of sales, commercial fund management and risk management at the company.


After completing a qualification in banking, Fuhrmann graduated from the Frankfurt School of Finance and Management and the Vienna University of Economics and Business. During his career, he has worked for various banks, including DZ BANK AG and Österreichische Volksbanken-AG. His responsibilities within these organisations included many years as relationship manager for sales partners in the customer investments Arena.

Manfred Stagl

Manfred Stagl has been a member of the Management Board of Union Investment Real Estate Austria AG (formerly Immo Kapitalanlage AG) since 1 July 2017 and is responsible for risk management and the middle office, as well as the legal, compliance and money laundering functions.

In addition, Stagl has been a member of the management team of Union Investment Austria GmbH (formerly VB Invest KAG) since 2006.

Alongside his long experience as managing director of an investment management company, Manfred Stagl has proven expertise in securities and asset management. He has in-depth knowledge of the international financial and capital markets, gained over many years, with roles including managing the treasury division of one of Austria’s largest banks, as well as several years serving on the board of a bank in the CEE region.

The following may also be of interest