Meet the successor

In an exclusive interview with CRE Media Europe, PATRIZIA CEO Asoka Wöhrmann sets out his vision for the company - and how global mega-trends are already disrupting real estate.

This article was published in our October 2025 magazine

Asoka Wöhrmann, CEO PATRIZIA

Asoka Wöhrmann is in a chipper mood. Speaking to CRE Media Europe from PATRIZIA’s London office, the company’s CEO is both immaculately attired and quick to smile. He is, however, no media darling. In fact, this is the first substantial interview he has given since he was appointed to the top job in August 2023, when he replaced legendary founder Wolfgang Egger.

The timing of the interview is no coincidence. PATRIZIA always wants to have a substantial presence at EXPO - it is headquartered in Augsburg, around 50km from Munich. But more importantly, this years exhibition marks the perfect moment for Wöhrmann to step forward and take on a more outwardly facing stance.

In June this year, German prosecutors decided to close their long running investigation into Wöhrmann over allegations of greenwashing during his time as chief executive of DWS, Deutsche Bank’s asset management arm in the US and Germany.

In a statement, Frankfurt’s public prosecutor noted Wöhrmann’s lack of previous convictions, the fact that he had immediately stepped down after the allegations became known and that he was “no longer active in the capital markets sector”.

What’s more, the prosecutor’s office went out of its way to praise Wöhrmann. It said that he had approached DWS’ environmental, social and governance (ESG) strategy “with great commitment” but had been stymied by “internal resistance”.

Clearly, this is not a matter that Wöhrmann’s wishes to dwell upon. But now that it is out of the way, Wöhrmann is in a much better position to speak publicly about his plans for PATRIZIA. So what’s the strategy under his leadership?

Wöhrmann is not your typical German CEO. Born in Sri Lanka in 1965, he moved to Germany at the age of 12 and was adopted by friends of his parents. “I came to Germany initially for six weeks and now I’ve been here for 47 years,” he says. “My memories of Sri Lanka are still really great and I have sustained strong ties with my family over the years.”

A big part of the motivation for staying in Germany was education. Quite simply, his parents put his future ahead of their natural desire to see their only son grow up on a day-to-day basis. “My parents put everything into my education,” says Wöhrmann. “Education is the best investment you can ever make. For me, the best multiplier for the prosperity of societies and economies is education.”

The power of education

It wasn’t always easy. For one thing, when Wöhrmann landed in Germany, he didn’t speak a word of German. “It was quite a culture shock to me,” he adds. “The German system was not easy for a coloured foreigner at the time to survive without mastering the language. But in some important ways, the experience also shaped my life. I think I can talk about real integration and the transformation of societies based on my personal experience.”

Despite - or perhaps in part because of - the challenges, Wöhrmann buckled down and made the most of the opportunities his parents had afforded him, succeeding both at school and later in academia before going on to a stellar career in business. He knows that he has been lucky in life - and is doing more than most in his position to give something back.

“Based on my experience, I am also supporting education projects in Sri Lanka,” he says adding that this is separate to PATRIZIA’s charitable work. “If you have this kind of luck in your life, you feel guilty [and want] to help others to get the chance to live a better life as well. Every day, I wake up and say ‘wow, what a life you have’. I am trying to give a little bit back. And I do this in many countries.”

Following a career as an economics professor, Wöhrmann decided, at the age of 33, to make the move into investment banking, something that again marks him out from the crowd.

“To go into the financial industry at that age was very unusual at the time,” he says. “Some investment bankers have retired at that age because they have earned so much money - I was a late starter.”

It’s safe to say that Wöhrmann’s career at DWS and Deutsche was meteoric (see box). But then the music stopped. “The greenwashing allegations that I faced have for sure impacted my life,” he says.

Wöhrmann stepped down in June 2022, just after the company’s AGM. He went backpacking around South America, covering around 12,000km over the course of several months. “I was intensively thinking what to do next in my life,” he says. “My wife said, ‘you have the energy and passion. You should go back to business’.”

When Asoka met Wolfgang

It was around this time that Wöhrmann first met Egger. “I have to say, my first interaction with Wolfgang [made me think] he is such a remarkable and humble person - [he] was impressive to me,” he says. “I had from the very beginning the clear feeling that this is a person I can work with and really trust.”

Clearly, Egger felt the same way, partly down to a natural human connection but also due to Wöhrmann’s experience as a macroeconomist and investor.

“The match between Wolfgang and me was nearly perfect,” says Wöhrmann. “Different backgrounds, different experiences and perspectives on business and life, but the same hunger and the same values.”

He adds: “It was also a new challenge for me - I learn every day and I want to learn even more. In a world in transition, life is a continuous journey of change and requires an open mind and the willingness to learn. I always work for a purpose and with strong passion to make an impact.”

It is certainly clear that Wöhrmann has learned a lot over the years, not least from coping with the multiple crises that have gripped the world over the last 25-30 years. There has been the Asian financial crisis, the dot com bubble bursting, the global financial crisis, the European sovereign debt crisis, the Covid-19 pandemic… Wöhrmann has worked and invested successfully throughout.

Challenges ahead

Does he think we’re in for a period of relative calm? Not a chance. Firstly, it is now clear that China is stepping up and wants to go toe to toe with the US economically, something that he says will change the world. In addition, Wöhrmann is clear eyed when it comes to the disruption that will result from advances in technology, artificial intelligence (AI) and robotics in particular.

“I was fascinated early on by the potential of AI and already invested in AI start-ups,” he says. I could see what kind of disruption is ahead of us. Our world in transition is driven by DUEL [digital transition, urban transition, energy transition and living transition] megatrends and fundamentally impacted by technology, in particular by AI.”

Wöhrmann says that digitalisation has up until now really only disrupted communication, but that is set to change. He points to mass redundancies that have already happened in some companies. “Think about that,” he says. “AI is going to affect all industries and also human-led businesses such as consulting, law, financial services and even journalism. I strongly believe that humans are needed, but we will see a broadening of AI into society, industry and our service economy. AI will augment and amplify human interaction. This fundamental change is inevitable.”

Fortunately, Wöhrmann believes that PATRIZIA is ahead of the curve when it comes to adaptation and adoption. “PATRIZIA began investing in technology and data science over a decade ago,” he says. Today, we operate a powerful data lake that integrates real estate performance, demographic trends, satellite imagery and urban infrastructure. Our amenities analysis allows us to track the evolution of urban environments and predict future developments.”

He adds: “This helps us understand how accessibility, services and quality of life are shaping investment potentials. Most importantly, this enables us to make the most informed investment decisions across countries, cities and even individual neighbourhoods. Smart data intelligence is a strategic advantage.”

But the plan is to go further. Last year, the company hired a chief technology officer, who is now tasked with developing a data strategy. Wöhrmann points out that buildings, indeed whole cities, are awash with data points but that data is not being properly put to work. “The investment opportunities for both [real estate and infrastructure] are still fragmented and not optimised,” he says.

New growth cycle

Indeed, technology sits at the heart of PATRIZIA’s strategy, which was published last year, for the period through to 2030. In an article published in May, Wöhrmann set out the big picture, including an ambition “to become the go-to manager for smart real asset solutions with an AUM ambition of €100 billion by 2030”.

He wrote that the world is entering a new growth cycle that is “significantly different”. “This super-cycle is driven by the four DUEL mega-trends,” Wöhrmann said. “All these four megatrends are powered by technology. Just look at artificial intelligence (AI). The race is on.”

In response to those mega-trends, PATRIZIA’’s strategy focuses on five growth areas, including European infrastructure, living and value add. Then there is what the company calls ‘RE-Infra’ - essentially the convergence of real estate and infrastructure - and its multi-manager platform Advantage Investment Partners (AIP).

Wöhrmann’s contention is that, while it has improved, the high inflation and higher interest rate environment that developed following the pandemic and Russia’s invasion of Ukraine badly damaged the attractiveness of real estate as an asset class. Putting living to one side, that explains the greater concentration on infrastructure - and on value add.

“Active investment management can really create added value,” says Wöhrmann. “Normally, successful long term investors are like farmers. They have to seed and nourish their plants before they can harvest. The industry must create long term value. Technology will play a key role.”

Technology is a common theme in our conversation. But so too is sustainability - at a time when some companies are running scared from ESG. “I came to PATRIZIA because of their ESG ambition,” says Wöhrmann. “PATRIZIA has an outstanding track record regarding the ‘S’ in ESG. We have supported the PATRIZIA Foundation, which helps children get access to education to live a better life, for more than 25 years.

“ESG is part of responsible risk management in every  investment strategy. My learning [is this]: ESG goals are important and they must be credible. But your ESG journey makes the difference to create long term value and impact.”