Union Investment Real Estate has announced plans to reinforce its senior leadership team by bringing on board Michael Bütter (50), former CEO of Corestate Capital.
According to the firm, Bütter will become chairman of the management board (CEO) of Union Investment Real Estate and head of the real estate segment with effect from 1 October, subject to approval by German competition authorities BaFin.
A fully qualified lawyer and business economist, Bütter is taking over the role from Jörn Stobbe, who will remain part of the management board and focus on areas with high added value, including value-add transactions, as head of asset management.
'I am delighted that Jörn Stobbe will continue to contribute his valuable skills in new areas and provide strategically important impetus,' said Jens Wilhelm, chairman of Union Investment's supervisory board.
The five-strong leadership team also includes longstanding management board members Volker Noack and Martin J. Brühl and, since 1 July 2020, Christoph Holzmann as new COO.
According to the firm, the arrival of Bütter completes the management shake-up initiated following the departure of Reinhard Kutscher.
Leadership role
In his role as head of the real estate segment, Bütter will take on overall responsibility for Union Investment’s commercial real estate business, which is now worth some €43.5 bn.
He currently sits on the supervisory and advisory boards of various property and digital companies and is a member of the RICS Management Board in Germany. Bütter has previously held senior management positions at companies including Vonovia SE, Scout24, ImmobilienScout, Corestate Capital and TLG Immobilien.
Bütter left Corestate Capital last year unexpectedly after just six months in the role of CEO.
Added Wilhelm: 'We are delighted that Michael Bütter is joining us, with his international expertise and versatile leadership skills. He is held in high regard within and beyond the real estate and digital sectors.
'Michael Bütter will help us to successfully drive growth and innovation across our business. With the expansion and reorganisation of the senior management team and the outstanding expertise of over 440 colleagues at all levels, we are ideally placed to continue Union Investment’s success in the real estate sector.'
