Inside Doric – 6 Questions for Amrit Narayan

Amrit has been working as an asset manager for real estate at Quadoro Investment GmbH since April 2016. In this role, he manages Quadoro‘s entire property portfolio in Denmark and Finland and is also responsible for another property in Berlin. He holds a Bachelor of Engineering in Civil Engineering and a Master of Science in Construction and Property Management. His career at the Doric Group began immediately after his master studies. Prior to that, Amrit gained two years of professional experience in India with the construction and engineering company Larsen & Toubro.

1. What do you do in your day-to-day work and what do you like best about it?

From the owner's point of view, the asset manager is the contact person for managing the property. It is difficult to describe the day-to-day work of an asset manager as the tasks and duties vary so much. The main tasks include involvement in the purchase and sale of properties, strategy development, drawing up and adhering to business plans, letting management, project controlling, reporting and increasing the value of existing properties. A constant task is to ensure that our properties are always geared towards going beyond the assumptions of the business plan and at the same time increasing their value. Communication plays a very important role in my job, as I am constantly in contact with various external and internal stakeholders both – e.g. architects, estate agents, accountants, project managers, tenants, etc. This means that I have to keep track of all these related parties, e.g. project meetings, letting of vacant space, negotiations with tenants, reports for investors, property risks, arrear lists, etc. What I like best is the variety of tasks and also the fact that you have to travel to the property from time to time and are not always at your desk. The job is very dynamic and that suits my personality well.

2. What has been your most important project so far and what project are you working on at present?

It's difficult to choose one particular project but the project that has always been very important to me was managing the Montoyer 25 property in Brussels. That was my first project in the company and I remember travelling – as a relative newcomer – straight to Brussels in my first week at Doric to attend a project meeting with very experienced people. What was interesting was that I experienced all phases of the property cycle in this project – planning the forward deal, demolition, project controlling during the construction phase, full letting of the property and involvement in the sale of the property. When the property was sold in 2021, it was sold for a record yield at the time and significantly exceeded our business plan assumptions. I currently manage 13 properties in Berlin, Finland and Denmark with a current market value of around EUR 270 million. I also support our team in managing the Residential PI portfolio. I have some challenging projects ahead of me, especially the Hermia 5 and 6 properties in Tampere [Finland], where we have an increasing vacancy rate due to the market situation. However, I am confident that we are on the right path to meeting these challenges.


3. Why did you choose to work in the real estate field?

My interest in real estate or buildings in general started before my bachelor’s degree when my interest in the constructions led me to pursue a bachelor’s degree in civil engineering. During my bachelor's degree, I realised that effective and sustainable property management would determine the future of the real estate industry. After completing my studies, I became interested in all aspects of real estate, but I believe that effective asset management should maintain and increase the value of the property. I started as a technical asset manager at Doric but gradually took on the business tasks for my properties. The job requires an on-site presence and therefore suits me well as I have never enjoyed a full-time desk job. The job also requires good communication and negotiation skills, great organisational skills and the ability to see the big picture – all skills that I have in my repertoire.


4. What challenges do you face in your day-to-day work?

We face countless challenges in our day-to-day work. The major developments of recent years (Covid and the Ukraine war) have burst the carefree bubble of the real estate market from before 2019. Rising interest rates have made it more difficult to finance projects and have significantly impacted the profitability of existing properties. Material shortages and supply chain issues are causing delays and additional costs in construction and renovation projects. The increase in remote working and hybrid working models has changed the demand for office space and in some cases led to our existing tenants reducing space. These are just some of the major challenges that we have overcome in recent years. Despite these challenges, I am proud to say that Quadoro's asset management team has weathered the storm, and we are moving forward positively.


5. How do you see your future at the Doric Group and the future of the property sector in general?

I've been working at Doric for eight years now and as clichéd as it may sound, the time has gone by so quickly! This reflects the pleasant working atmosphere, the exciting projects and nice colleagues at Doric. Long may it continue! The property sector is constantly changing, but some aspects will be particularly important in the future. Investors are increasingly demanding that their property investments are not only financially profitable, but also have ESG aspects and a positive impact on society and the environment. The use of technologies such as artificial intelligence, blockchain and automation to enable more efficient processes and better data analysis is also becoming increasingly important in the property sector. Investors increasingly expect personalised services and a better customer experience, such as digital customer service, intuitive platforms and tailored investment products. The Doric Group is already very good at this but in my opinion it should not rest on its laurels and should continue to invest more in being a trendsetter in the market.


6. What are you passionate about in your free time?

Family and friends are very important to me. As my family is far away in India, my friends here play a bigger role so I make sure I dedicate enough time to them. I was a sportsman when I was younger (football and cricket) and still enjoy playing all sorts of games with my friends – snooker, chess, table tennis, darts, table football, etc. I am a keen runner and go running once or twice a week. I also have an affinity for languages and am currently learning Spanish. I love getting to know people from different cultures which is why I live in Berlin. I also make it a point to attend our regular AM events and spend time with my team.