His departure was announced on Monday in a brief statement.

The company said: ‘It is with regret that Primonial REIM has taken note of the resignation of Juergen Fenk from his mandate at Primonial REIM to pursue other activities. Laurent Fléchet, chairman of Primonial REIM, would like to thank Juergen Fenk for his commitment over the last two years.’

Fenk joined Primonial REIM on March 1, 2021, as CEO. He was responsible for setting up Primonial REIM's European platform and its continued growth.

The company said: ‘Now that this foundation has been successfully laid, Primonial REIM today has teams based in France, Germany, Italy, Luxembourg, the UK and Singapore and benefits from an efficient structure of European coordination.’

Fléchet will directly take over CEO responsibilities.

He said: ‘Everyone at Primonial REIM joins me in sincerely thanking Juergen Fenk for his committed action and the successful development of our real-estate business on a pan-European level.’

‘With Juergen's support and thanks to the work done on the ground by teams across different countries, we have become one of the leading real-estate asset managers in Europe with €35 bn in assets under management.’

‘With the support of the country "heads", including Grégor Frapet for France and Peter Finkbeiner for Germany, Primonial REIM intends to further strengthen its European expansion.’

Fenk told contacts: 'After much thought and consideration, I have decided to resign as CEO of Primonial REIM.'

'It has been an honor to lead this company and work alongside all these talented people.'

'I am proud of all that we have accomplished together. Primonial REIM today is one of the leading real-estate asset managers in Europe with over €34 billion in assets under management and professional teams based in France, Germany, Italy, Luxembourg, the UK and Singapore.'

'I wish everyone all the best and I have no doubt that the company will continue to thrive under the guidance of the talented team in place.

'Looking forward to new adventures ...'