Union Investment Real Estate GmbH wants to significantly strengthen its direct presence in the most important European real estate markets. Following the example of the presence in Paris established in 2011, the Hamburg-based real estate manager opened its sixth international office in London last week with the aim of gradually building up a fully integrated team with various specialist disciplines on the Thames that completely covers the real estate lifecycle. The London office, initially staffed by three local investment and asset management experts, will be responsible for the real estate markets in the UK and Ireland, where Union Investment currently already manages real estate assets totaling around EUR 4.3 billion. Union Investment has invested around EUR 1.4 billion in London and the British regional markets since the Brexit referendum. In the office, residential and logistics asset classes, Ireland has become significantly more important for Union Investment over the past two years.
“We look forward to continuing our 30-year success story in the UK and the track record we have built up in Ireland since 2015 with the proven quality and local expertise of this top-class local team,” says Michael Bütter, CEO and Chairman of the Board of Union Investment Real Estate Ltd.
The new team in London will initially consist of Miles Skinner (Head of Transactions UK & Ireland), Jacob Thompson (Investment Manager UK & Ireland) and Peter McNamara (Senior Asset Manager UK). All three team members come from highly respected real estate companies such as DWS Group, Invesco and Cromwell Property Group. An expansion of local capacities and the expansion of functions in technical management and in the development area are planned in the future.
“From the opening of our office in London we expect an even better market penetration on both the investment and the asset management side. A great deal of ESG expertise will be required in both areas in the future,” says Michael Bütter.
“Especially with a view to developing the residential real estate markets, the local presence is a real competitive advantage that will help us to continue our diversification strategy in the UK and Ireland,” says CIO Martin J. Brühl.
Union Investment is underallocated in Great Britain in relation to the total portfolio of around EUR 45 billion. If the general conditions are right, the UK share in the portfolio is to be expanded over the next few years.
“Our funds have the flexibility to cover very different asset classes, investment styles from core to core-plus and volumes between 50 and 500 million euros. With our flexible investment platform and our on-site team, we will be able to identify purchase and sale opportunities in the UK and Ireland even better in the future and implement them faster and more efficiently without compromising quality,” says CEO Michael Bütter.
