Macquarie Asset Management to Spin Off Core Real Estate Activities to Form Manova Partners

Macquarie Asset Management has announced a strategic move to spin off a substantial portion of its Core/Core Plus real estate activities, leading to the creation of Manova Partners, an independent real estate investment manager. This new entity will manage €11.4 billion in assets, marking a significant transition of Macquarie’s real estate assets to Manova Partners.

Origins and Strategic Vision

The foundation of Manova Partners can be traced back to Macquarie Asset Management’s acquisition of GLL Real Estate Partners in 2018. Since then, the real estate activities under Macquarie’s umbrella have grown significantly. A recent strategic review suggested that the next phase of growth and client service would be best achieved by establishing Manova Partners as a specialized boutique investment manager.

Focus and Operations

Manova Partners will focus on managing and sourcing investments across various real estate sectors, including office spaces, industrial facilities, residential properties, and retail venues. Upon its launch, the firm expects over 150 employees to transition from Macquarie Asset Management to Manova Partners. This team will manage a diverse portfolio of more than 170 properties and development projects across Europe, the Americas, and the Asia-Pacific region.

With its headquarters in Munich, Germany, Manova Partners will maintain a global presence with 17 locations. The firm aims to provide tailored solutions across the risk-return spectrum, leveraging its seasoned team’s research-driven approach, honed over more than two decades, to identify unique investment opportunities in both established and emerging markets.

Leadership and Vision

Christian Goebel and Florian Winkle, appointed as Co-Chief Executive Officers of Manova Partners, have expressed their enthusiasm about the firm’s potential to enhance client offerings. They emphasized Manova Partners’ commitment to agility and responsiveness in meeting evolving client needs, building on the successful track record established during their tenure at Macquarie Asset Management.

Launch and Future Outlook

The launch of Manova Partners is scheduled for the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. Once the transaction is complete, Manova Partners will be wholly owned by its employees, signifying a significant step towards independence and specialized focus within the real estate investment landscape.

Macquarie’s Continued Commitment

Macquarie Asset Management, with over 35 years of experience in real estate, remains dedicated to its unique approach in the sector. The firm will continue to offer clients access to local market expertise and innovative investment opportunities through partnerships with specialist operators. Recently, Macquarie closed its global opportunistic real estate fund with $1.9 billion in equity, targeting strategic investments in logistics, warehousing, self-storage, residential housing, and sustainable office spaces.

The establishment of Manova Partners highlights Macquarie Asset Management’s strategic realignment to optimize growth opportunities and enhance client service within the global real estate market. This move underscores Macquarie’s ongoing commitment to adapting and evolving in response to market demands and client needs.