FRANKFURT-Several senior property executives in Germany have combined to launch the new Pamera Real Estate group, which comprises three complementary, independent owner-managed companies offering a wide range of services in particular to banks which need to outsource asset and other management services.

Co-founders Christoph Wittkop and Gunther R. Deutsch said that in the aftermath of the global crisis when German banks acquired assets from many distressed sponsors, they are now starting to manage assets again and seeking outsourcing. “Banks appreciate that Pamera is an independent asset manager,” said Deutsch. “We can avoid a conflict of interest as opposed to many other asset managers affiliated with larger investors.”

Wittkop sees a growing need for value adjustments and depreciations: “Some hot air balloons will have to be deflated. The only question is when and how quickly it is going to happen,” he said. Pamera identifies as potential clients certain UK and US institutions that have built a portfolio in Germany but not yet actively managed the assets. As the market revives and prices rise, banks are now starting to pressure these investors into action to retrieve lost value.

Deutsch is founder and owner of Munich-based Metis AM, while Wittkop is a former head of CRE Resolution, an affiliate of Colonia Real Estate. Metis, including its staff and business, was incorporated into the new company so that Pamera immediately started with offices in Frankfurt, Hamburg, M