Union Investment hires US property expert to grow American presence

Union Investment Real Estate has hired a US market specialist as it looks to develop its open-ended funds in North and Latin America.

Matthew Scholl will be based in New York and take responsibility for strategic development of the real estate portfolio in the American markets. Scholl previously worked at the AFIAA Swiss Foundation for International Real Estate investments, spending four years running its investment activities in North America.

‘Matthew Scholl will drive our Americas business forward with his expertise and the contacts he has built up over many years,’ said Martin Bruehl, head of international investment.

Hamburg-based Union Investment plans to invest $2 bn (€1.83 bn) in the American markets over the next three years on behalf of its open-ended real estate funds. New investment activity will focus on gateway cities on the US east and west coasts and secondary US cities such as Boston, Houston and Seattle, as well as Mexico City.

In the last two years the company has doubled the size of the Americas portfolio of its two international funds, UniImmo: Europa and UniImmo: Global, from €1.6 bn to €3.3 bn.