
Garbe Asia managing director Chenhui Xia (Image: Garbe Institutional Capital)
German developer and investment manager Garbe has opened a Singapore office as the firm’s first location outside Europe, tapping former Boyu Capital executive Chenhui Xia to lead the new outpost.
The Lion City office is aimed at connecting Hamburg-based Garbe more directly with Asian investors, especially institutions looking to diversify their portfolios with European real estate assets, the company said in a release. Xia, a German national of Chinese background, will draw on 15 years of experience in real estate and financial markets and his extensive network among Asian investors, according to Garbe.
After the launch of offices in Amsterdam, London, Madrid, Milan and Prague, the Singapore expansion underscores Garbe’s commitment to international growth, said Thomas Kallenbrunnen, managing director of Garbe Institutional Capital.
“The Asia Pacific region is a key market for us, and establishing a local presence allows us to better serve our investors with tailored solutions that meet their unique needs,” Kallenbrunnen said. “With Chenhui Xia’s proven expertise and leadership, we are confident that this office will strengthen our ability to connect Asian capital with European real estate opportunities.”
Building Relationships
Xia most recently served as an executive director in Singapore for Hong Kong-based Boyu, the private equity firm co-founded by a grandson of the late Chinese president Jiang Zemin. Xia previously spent more than a decade in real estate and finance roles at German banks Helaba and Aareal.

Garbe Institutional Capital managing director Thomas Kallenbrunnen
A graduate of Bauhaus University Weimar, Xia earned a master’s degree in management construction, real estate and infrastructure from the same school and an MBA from a joint programme of the Kellogg School of Management and the WHU Otto Beisheim School of Management.
In his new role, he is focused on building relationships with investors, driving capital procurement and supporting business development initiatives, according to Garbe.
“Europe offers compelling opportunities for high yield and diversification, particularly in the current market environment,” Xia said. “With Garbe’s extensive product portfolio and strong, vertically integrated operations, we are well-equipped to guide our clients through the complexities of European real estate investments and help them achieve their investment goals.”
BlackRock Tie-Up
Garbe manages €15 billion ($16.7 billion) in assets and recently teamed with investment giant BlackRock on a logistics development project in northwestern Germany.
A joint venture between Garbe and a BlackRock-managed fund acquired a brownfield site in Salzgitter, Lower Saxony, with plans to construct a warehouse measuring 70,000 square metres (753,474 square feet) in floor area, Eurobuild reported earlier this month.
The JV aims to build a portfolio of logistics and commercial properties with strong sustainability characteristics, primarily in Germany and France, according to the magazine.
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