Macquarie Asset Management to create real estate investment manager Manova Partners

Macquarie Asset Management has plans to spin off the majority of its existing activities in core/core-plus real estate to enable the creation of Manova Partners, an independent real estate investment manager with €11.4 billion ($12.5 billion) of assets under management.

The new business will largely comprise the real estate activities Macquarie Asset Management acquired through its 2018 purchase of GLL Real Estate Partners. After the expansion of these activities as part of Macquarie Asset Management, a strategic review concluded that the next phase of growth would be best served by operating independently as a boutique real estate investment manager.

Manova Partners will manage and source investments in properties and portfolios across the office, industrial, residential and retail sectors. More than 150 staff members are expected to transfer from Macquarie Asset Management into the new company at launch to manage a growing portfolio currently