Clemens Schaefer is taking over from Georg Allendorf as DWS Group’s Europe head of real estate, according to an internal memo.
Schaefer will assume the role in July from Allendorf, who has led the Europe real estate team since 2014, according to the note from Pierre Cherki, the head of alternatives and co-head of the DWS investment group.
Schaefer joined the DWS real estate business in 1998 and was appointed CIO and head of portfolio management for European real estate in 2016. Before that, he was the head of the institutional business for real estate in Europe.
Schaefer, who was part of the senior management team under Allendorf, is credited with the growth of the spezialfonds institutional client platform in Germany, growing its assets from €700m to around €8bn.
The note stated that Allendorf will continue to provide his expertise to the Europe real estate platform.
He joined the supervisory board of DWS Grundbesitz and DWS Alternatives this month and will continue to serve in that function even after his departure as a board member of DWS Real Estate in June.
Allendorf joined DWS in 2003. Under his leadership, assets under management rose from €16.5bn in 2014 to €28.4bn as at the end of last year.
“I would like to thank Georg for his many contributions to our European real estate business over the years and am pleased that he will remain an active member of the alternatives platform through his supervisory board positions in Germany beyond June 30, Cherki said.
”Please join me in congratulating and supporting Clemens in his new role and in offering Georg our continued support in his new position as supervisory board member.”