Union Investment is restructuring the leadership teams of its two real estate subsidiaries: Union Investment Real Estate GmbH, which oversees the company’s retail property fund business, and Union Investment Institutional Property GmbH, which manages its institutional real estate operations. Effective 1 July 2025, Karim Esch will join the Management Board of Union Investment Real Estate GmbH, taking over responsibility for investment management. Esch succeeds Martin Brühl, who departed the company in April at his own request. Esch, currently a managing director at Union Investment Institutional Property GmbH, brings extensive experience in institutional fund management and real estate transactions. Prior to joining Union Investment in 2011, he held various roles at Commerzbank, Commerz Grundbesitz-Spezialfondsgesellschaft, and Commerz Real. On the same date, Kirsten Ludwig will be appointed to the Management Board of Union Investment Institutional Property GmbH. She will assume Esch’s former responsibilities, overseeing institutional fund management for both open-ended and closed-ended real estate funds, including Service KVG mandates and real estate funds of funds. André Haagmann, Chairman of the Supervisory Boards of both real estate subsidiaries, emphasised the importance of stability and continuity in the current market environment. He noted that both appointments were made internally, reflecting Union Investment’s commitment to promoting experienced managers from within the organisation. With these changes, the management structure at Union Investment Real Estate GmbH will include Dr. Michael Bütter as Chairman of the Management Board, responsible for strategy, legal affairs, communication, and fund management. Gerald Kremer will continue to oversee operations, controlling, and data analytics, while Henrike Waldburg will remain responsible for asset and project management. Volker Noack retains responsibility for fund support, shared fund services, risk management, equity interest management, and compliance. At Union Investment Institutional Property GmbH, Ludwig will join a management team that includes Wolfgang Kessler, who manages institutional fund lending business, and Dr. Maximilian Brauers, who oversees sales. Ludwig, a long-time Union Investment employee, previously led the Mandate Management Third-Party Business group and has been with the company since 2009. The reorganisation is aimed at strengthening integration between investment and fund management within Union Investment’s real estate operations and maintaining consistency in leadership across both business segments.