German open-ended fund manager Union Investment Real Estate has appointed Jörn Stobbe, its chief operating officer, as its new chairman.
He replaces Reinhard Kutscher, who is retiring at the end of 2019 at the age of 65.
Stobbe will take up the role from 1 January 2020. He has been a member of the management team and the company’s chief operating officer for two years.
The real estate division within the Union Investment group comprises 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 €40bn (£34.4bn) of real estate fund assets under management for the first time.
The rest of the management team in the real estate division remains unchanged and consists of chief investment officer Martin Brühl and Volker Noack, who is responsible for asset management of the real estate holdings.
A replacement for Stobbe will be “filled in due course”, according to a statement from the group.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
