Karim Esch, a seasoned expert in real estate investment, will assume responsibility for investment management at Union Investment. He succeeds Martin Brühl, who stepped down from the role in April at his own request. Esch holds a degree in banking management and a Master of Finance in Real Estate. He began his career at Union Investment in 2011 after holding various roles at Commerzbank, Commerz Grundbesitz-Spezialfondsgesellschaft, and Commerz Real. Most recently, he served as Managing Director at Union Investment Institutional Property GmbH, which focuses on institutional clients.
“Experienced Transaction Specialist”
“We’re delighted to be able to fill this important role from within our own ranks,” said André Haagmann Chairman of the Supervisory Board of Union Investment Real Estate GmbH and of Union Investment Institutional Property GmbH. “Karim Esch is an accomplished transaction expert. He also has many years of experience in institutional fund management and thus possesses all the necessary qualifications, as demonstrated by his successful track record over the years.” Haagmann emphasized Esch’s deep expertise in institutional fund management as a key asset for the company. “Given the current environment, it is crucial to have a reliable, forward-looking team in charge of our real estate fund management companies.”
New Leadership Structure
Within the new structure, Dr. Michael Bütter remains Chairman of the Management Board with responsibility for strategy, legal matters and communication, in addition to fund management. Karim Esch will take over investment management. Gerald Kremer remains in charge of operational management and controlling as well as data analytics. Henrike Waldburg continues to lead on asset management and project management. Volker Noack is responsible for fund support, shared fund services, risk management, equity interest management and compliance.
Promotion from Within
In a parallel move, Kirsten Ludwig will take over fund management responsibilities at Union Investment Institutional Property GmbH, also effective July 1, 2025. A Hamburg native, Ludwig started her career at Bausparkasse Schwäbisch Hall and KPMG before joining Union Investment in 2009. She initially worked in investment management and later in mandate services. Since 2014, she has held various roles in fund management and has led the department since 2021.
“We are delighted that we were also able to fill this position from within our own ranks, thus ensuring continuity for our institutional investors,” said Haagmann.
The appointments signal a strategic commitment to stability and continuity, while reinforcing the company’s focus on institutional real estate investment in a challenging market environment.
