With effect from 1 December 2008, the Supervisory Board of Union Investment Real Estate AG has appointed 45-year-old Dr. Karl-Joseph Hermanns-Engel to the Management Board of the property investment company, which is part of the Union Investment Group.
Dr. Hermanns-Engel, whose doctorate is in law, replaces Michael Montebaur, who is leaving the company on 31 January 2009 to set up his own business. Dr. Hermanns-Engel will assume responsibility for the Asset Management International unit and drive forward the company's global expansion strategy. He has extensive experience in this sector, having held senior positions at Deutsche Bank and the AXA Group. Most recently, he was CEO of AXA Investment Managers Deutschland GmbH, an investment management company for open-ended real estate funds, and global head of management of regulated real estate fund products within the AXA Group.
Source: Union Investment Real Estate