German fund manager Union Investment Real Estate has appointed Jörn Stobbe to the position of chairman of the management board, as of 1 January 2020. He will take over from Dr. Reinhard Kutscher, who will retire at the end of 2019.
Stobbe has been a member of the management team and the company’s chief operating officer (COO) since February 2017. He will succeed Dr. Kutscher as head of the real estate segment within the Union Investment Group, comprising Union Investment Real Estate and Union Investment Institutional Property of Hamburg, as well as Vienna-based Union Investment Real Estate Austria. Last year, the three companies exceeded €40 bn of real estate fund assets under management for the first time.
The rest of the management team at Union Investment Real Estate remains unchanged and consists of Martin J. Brühl, who manages acquisitions and disposals in Germany and internationally as chief investment officer, and Volker Noack, who is responsible for asset management of the real estate holdings. The vacant fourth board-level position created by this leadership change will be filled in due course following Dr. Kutscher’s departure, the company said.
