Hamburg-based Union Investment Real Estate has appointed 45-year-old Dr. Karl-Joseph Hermanns-Engel to the management board of the property investment company, with effect from 1 December 2008. Hermanns-Engel, who has a doctorate in law, replaces Michael Montebaur, who is leaving the company on 31 January 2009 to set up his own business.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
