Macquarie Asset Management has announced its decision to spin off the majority of its Core/Core Plus real estate operations to form Manova Partners, a new independent real estate investment manager. Manova Partners will manage €11.4bn in assets, largely sourced from acquisitions made by Macquarie Asset Management following the purchase of GLL Real Estate Partners in 2018.
According to the firm, the decision follows a strategic review which indicated that a standalone operation as a boutique real estate investment manager would be more appropriate for the next phase of growth. Manova Partners will focus on managing and investing in properties and portfolios in the office, industrial, residential and retail sectors. More than 150 Macquarie Asset Management employees are expected to join the new entity to manage a portfolio that currently includes more than 170 properties and development projects in Europe, the Americas and the Asia-Pacific region. Headquartered in Munich with 17 international offices, Manova Partners will offer solutions across the full range of risk/return products.
The future CEOs of Manova Partners, Christian Goebel and Florian Winkle, point out: "The launch of Manova Partners as an independent and specialised real estate operator will allow us to further develop this offering, identifying specific opportunities in established and growth markets. It will also ensure that we remain agile and responsive to the changing needs of our clients".
Manova Partners is scheduled to launch in the fourth quarter of 2024, following completion of customary closing conditions and regulatory approvals. Following completion of the transaction, Manova Partners will operate as an independent, employee-owned company.
Macquarie Asset Management, with over 35 years' experience in real estate, is a division of Macquarie Group, a global financial conglomerate headquartered in Australia. The division specialises in asset management, offering a range of investment services and products to institutional and retail clients worldwide. Its areas of focus include investments in infrastructure, real estate, agriculture, renewable energy, and more, encompassing both direct investments and managed funds.
