Union Investment restructures real estate management model

Union Investment Real Estate GmbH is restructuring the management areas that make up its real estate platform, introducing a new organisational model designed to reflect changing market conditions and support the next phase of its European investment strategy. 

Emporio, Hamburg

The Hamburg‑based manager will replace its existing four management areas with three: Fund Management, Real Estate Management and Operations.

A newly created Real Estate Management department, led by Karim Esch, will integrate investment and asset management into a single function. The unit will oversee the full real estate value chain, from acquisitions and letting to sustainability strategy, commercial and technical development, and disposals across both existing and new funds, as well as portfolio management mandates for third parties.

Michael Bütter, Chairman of the Management Board, said the new structure positions the business to benefit from a recovery in property markets. He noted that rental yields are expected to play a more significant role in total returns in the next market cycle, making an end‑to‑end property management system essential. “Bringing together investment and asset management puts us in the best possible position to benefit from recovery in the property markets. It will enable us to maximise the value we add for our private and institutional clients,” he said.

As part of the reorganisation, Henrike Waldburg will leave the Management Board on 31 August 2026 after choosing not to extend her contract. Waldburg has overseen asset management of a €40 billion portfolio across 22 national markets since 2023, with responsibilities spanning letting, tenancy management, project development and sustainability. She also served as deputy CIO.

Frank Engels, Chairman of the Supervisory Board, thanked Waldburg for her contribution, highlighting her role in modernising business processes and advancing digitalisation. “We very much regret her departure,” he said.
Bütter will continue to oversee real estate strategy, fund management, fund controlling, funding management and marketing and communication. Gerald Kremer, COO, will take on an expanded remit within Operations, including responsibility for operational infrastructure, AI and digitalisation, technological transformation, product development, data management, controlling, research, real estate law, tax management and participation management.

The reorganisation aligns with an updated investment strategy geared to the new market cycle and a broader restructuring of the portfolio. Union Investment Real Estate plans to expand the investment universe of its existing and future funds to include property‑related social infrastructure, while maintaining a focus on core European markets. The aim is to further diversify portfolios and position the business for long‑term growth across Europe.