EUROPE - Pacific Star Europe, the start-up global fund of funds manager co-founded by the former head of real estate at E.ON Energie pension fund Matthias Stürmer, is to be dissolved.
The joint venture between Singapore-based Pacific Star Group and Stürmer and fellow managing director Dirk Große Wördemann, based in Munich, was formed to attract European institutional capital to invest in Asia Pacific real estate.
Pacific Star Europe managed the real estate investments of E.ON Energie’s pension fund for one year between mid-2008 and mid-2009, following Stürmer’s move from the latter to the former, after which the pension fund took its real estate investment management back in-house.
As part of the one-year mandate, Pacific Star Europe helped build up and optimise the structures and processes of E.ON Energie’s real estate investments, and its €2.3bn global property portfolio is now managed internally by a team of five based in Düsseldorf.
The team is lead by Britta Nielsen, who is also member of the fees committee at the European Association for Investors in Non-listed Real Estate Vehicles.
Earlier this month, Stürmer joined private equity asset manager Capital Dynamics, where he is helping to build the company’s real estate investment management division for Europe and Asia.
Capital Dynamics has been investing in real estate since 1990 and is looking to expand its activity in the asset class as part of its aims to manage a well-diversified portfolio.
The company said: “Real estate investments allow us to continuously adapt our investment strategies to locate the best opportunities at any given stage.”
Stürmer will help achieve this by using his experience at E.ON Energie, where he oversaw investment in more than 50 global real estate funds, as well as his time at Pacific Star Europe and a number of real estate companies.