Macquarie eyes almost £10bn real estate investment spin-off

Macquarie Asset Management plans to split off a chunk of its existing activities in core and core plus real estate into a new independent investment manager. Manova Partners is set to operate a portfolio of €11.4bn (£9.6bn) of assets under management across the office, industrial, residential and retail sectors. It will be headquartered in Munich and operate 17 locations around the world. The new business will largely comprise the real estate activities that Macquarie acquired through its purchase of GLL Real Estate Partners in 2018. Following the expansion of these activities, the firm believes that the next phase of growth would be best served by operating these investments independently. The launch of Manova Partners is expected in Q4 2024, following the satisfaction of customary closing conditions and regulatory approvals. More than 150 staff will transfer from Macquarie into the new company at launch to manage a portfolio of more than 170 properties and development projects across Europe, the Americas and Asia-Pacific. Christian Goebel, incoming co-chief executive officer at Manova Partners along with Florian Winkle, 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 past six 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.” Photo © Gerd Altmann/Pixabay