DWS has promoted Clemens Schaefer to head of real estate for Europe, including the UK.
He will take over from Georg Allendorf on 1 July. Allendorf has led the team since 2014, after joining the company in 2003.
Clemens joined DWS Real Estate in 1998 and held several positions with the firm prior to being made CIO and head of portfolio management for European real estate in 2016.
He was also the driving force behind the growth of the “spezialfonds” institutional client platform in Germany, growing its AUM from €700m (£615m) to around €8bn.
Under Allendorf’s leadership, AUM at DWS grew from €16.5bn (£14.5bn) in 2014 to €28.4bn (£25bn) as of 31 December 2018 and he also led the recent consolidation of DWS’s European real estate business into a more cohesive European platform.
In February, Allendorf joined the supervisory board of DWS Grundbesitz and DWS Alternatives and he will continue in this role after he steps down from the board of DWS Real Estate at the end of June.
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