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PATRIZIA appoints Thomas Wels as Co-CEO

Creates futureproof management structure to lead the industry transformation

  • Thomas Wels will be responsible for the development of PATRIZIA’s growing and diversified platform business and support the expansion into new business areas and international markets
  • CEO Wolfgang Egger to focus on broadening PATRIZIA’s global client base, develop its innovation and growth strategy and accelerate new technologies to lead the industry transformation
  • New management structure will drive more investment opportunities and create further long-term value for PATRIZIA’s international investor base
  • COO Klaus Schmitt decided to leave the company after transition period at the end of 2020


Augsburg, 22 April 2020. The Supervisory Board of PATRIZIA AG, the global partner for pan-European real estate investment, announced the appointment of Thomas Wels as new Co-CEO of PATRIZIA. Previously he served as Vice Chairman and Senior Advisor for UBS Asset Management. The former Head of Global Real Estate of UBS Asset Management will be responsible for the further development of PATRIZIA’s growing and diversified platform business and support the expansion into new business areas and international markets. Wels will assume responsibility as Co-CEO effective 1 May 2020.

“With his broad leadership experience, international network and proven entrepreneurial skills, Thomas is ideally qualified to lead the further development of our business operations and help us become more agile and strengthen our local expertise. In addition, Thomas will develop strategies to accelerate the industry consolidation including our move into new real asset classes and business areas and to further strengthen our client centric approach globally,” said Wolfgang Egger, CEO of PATRIZIA. “This in turn will allow me to further deepen the dialogue with our investors in key markets across Europe, America and Asia, and to focus on strategy development for innovation and cutting-edge technologies with the clear goal to lead the transformation of our industry.”

Thomas Wels is an internationally experienced executive who worked for 15 years at UBS Asset Management where he held various positions including Head of Global Real Estate and Chief Operating Officer until 2019 and helped to build UBS global Real Estate & Private Markets arm to more than USD 100bn assets under management. “I am very excited to join PATRIZIA and look forward to working with the whole management team to further develop the organisation to support PATRIZIA’s ambition to become the leading global partner for real assets,” said Thomas Wels. “I look forward to help strengthen PATRIZIA as an independent real estate investment manager with a proven track record of 36 years and a unique entrepreneurial spirit that will shape the fundamental transformation of our industry and offer even more attractive investment opportunities for a broader and more international client base.”

Management Board member and COO Klaus Schmitt has decided to leave the company to explore new career opportunities. He will support the transition phase and stay on in an important consulting role until the end of his term in December 2020. “On behalf of the entire Management Board I sincerely would like to thank Klaus for the many years of trusted cooperation. He played a key role in the development and design of a strong pan-European organisation and in successfully managing PATRIZIA’s operations over 17 years. I am very grateful that he will continue to support us in a consulting role,” added Wolfgang Egger.

Klaus Schmitt said: “It was great to be part of such a strong team and to build a strong pan-European organisation that is managing more than EUR 44bn assets under management with a global presence on four continents. Now I really look forward to exploring new horizons and would like to thank all PATRIZIAns for their strong support and commitment during our tremendous growth journey.”

About Thomas Wels
Thomas Wels (61) worked inter alia as a consultant and partner for McKinsey before he joined UBS Asset Management in 2005. Thomas became a member of the UBS Executive Committee in 2007 and Head of Global Real Estate, UBS Asset Management in 2012 when he also took over the position of Chief Operating Officer for UBS Asset Management. In 2019 he was appointed Vice Chairman and Senior Advisor to UBS Asset Management division. UBS Asset Management is one of the largest real estate investment managers in the world. Thomas’ proven expertise ranges across all real estate and infrastructure segments and the management of a broad range of funds, investment trusts and other alternative investment vehicles. He has a long-standing experience in strategic planning, business and organisational development as well as governance in asset management based on his executive positions in various real estate investment companies. Thomas holds a PhD in Economics from the University of St Gallen.

PATRIZIA AG:
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for 36 years. PATRIZIA’s activities include the acquisition, management, repositioning and disposal of residential and commercial real estate through its best-in-class local network in all key markets. As a global partner for pan-European real estate investment, PATRIZIA operates as a trusted and independent business partner of large institutional, (semi-)professional and private investors in all major European countries. PATRIZIA manages more than EUR 44 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. PATRIZIA is committed to responsible investments and positive social impact. The PATRIZIA Children Foundation has helped over 200,000 children in need worldwide for over 20 years, giving them access to education and greater opportunities to lead better lives. For further information, please visit: www.patrizia.ag.

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