Macquarie Asset Management has today announced plans to spin off the majority of its existing activities in Core / Core Plus real estate1 to enable the creation of Manova Partners, an independent real estate investment manager with €11.4 billion of assets under management.
The new business will largely be comprised of the real estate activities Macquarie Asset Management acquired through its 2018 purchase of GLL Real Estate Partners. Following the expansion of these activities as part of Macquarie Asset Management, a strategic review concluded that their next phase of growth would be best served by operating independently as a boutique real estate investment manager.
Manova Partners will manage and source investments in properties and portfolios across the office, industrial, residential and retail sectors. More than 150 staff are expected to transfer from Macquarie Asset Management into the new company at launch to manage a growing portfolio currently comprised of more than 170 properties and development projects across Europe, the Americas, and Asia-Pacific. Headquartered in Munich and with 17 locations around the world, Manova Partners will offer clients tailored solutions across the risk-return spectrum.
Christian Goebel and Florian Winkle, incoming Co-Chief Executive Officers at Manova Partners, said: "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. Launching Manova Partners as an independent and specialised 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 of Manova Partners is expected in Q4 2024, following the satisfaction of customary closing conditions and regulatory approvals. 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, offering clients access to a differentiated approach and local market expertise by investing in and partnering with specialist operators to create opportunities in hard to access sectors. Macquarie Asset Management recently announced the close of its global opportunistic real estate fund with $US1.9 billion of equity to deploy across logistics, warehousing, self-storage, residential housing and sustainable offices.
- With the exclusion of Macquarie Asset Management's Mexican industrial and retail real estate platform FIBRA Macquarie
All data has been provided as at 31 March 2024.
