Macquarie Asset Management to Create Standalone Real Estate Business
Macquarie Asset Management announced plans to spin out most of its existing activities in core and core plus real estate properties, becoming Manova Partners, an independent real estate investment manager with €11.4 billion ($12.5 billion) in assets.
The new firm will primarily consist of the real estate activities that Macquarie Asset Management acquired through its 2018 acquisition of GLL Real Estate Partners.
Manova Partners will manage and source investments in properties and portfolios across the office, industrial, residential and retail sectors. Over 150 staff are expected to transfer from Macquarie Asset Management into the new company at launch to manage a portfolio comprising over 170 properties and development projects across Europe, the Americas, and Asia-Pacific.
“Our clients value the research-led, boots-on-the-ground philosophy that our team has refined over more than two decades, including over the last six successful years as part of Macquarie Asset Management,” said Christian Goebel and Florian Winkle, incoming co-CEOs at Manova Partners. “Launching Manova Partners as an independent and specialized real estate player will allow us to further develop this offering, identifying differentiated opportunities in established and growing markets. It will also ensure we remain agile and responsive to our clients’ evolving needs.”
The launch is expected in the fourth quarter. Upon completion of the transaction, Manova Partners will be an independent company owned by employees.
Macquarie Asset Management has over 35 years of experience in the real estate sector. The firm recently announced the closing of its global opportunistic real estate fund with $1.9 billion of equity to deploy across logistics, warehousing, self-storage, residential housing and sustainable offices.
