Less than a month after an investment group assembled by Singapore’s largest non-government-backed developer and a French private equity firm took control of SGX-listed IREIT Global, the new ownership group has put a member of their team at the helm of the trust’s manager, according to a bourse announcement.
Louis d’Estienne d’Orves, an executive director of Paris-based asset manager Tikehau Capital, was named CEO of IREIT Global Group on 23 April after City Developments Limited, Tikehau and the family office of Singapore billionaire Arvind Tiku boosted their combined holdings in the European commercial REIT to over 50 percent earlier this month.
The manager of the REIT, which which consists of a 230,000 square metre (2.5 million square foot) portfolio of office assets in Germany and Spain worth €630 million ($685 million), said that d’Estienne d’Orves reports to the board and is based in London where he has direct access to the European real estate market.
Through a series of transactions in early April, the three parties purchased a combined 26 percent of the trust’s units from mainland property tycoon Tong Jinquan in a move described as a “strategic partnership” by Tikehau Capital’s senior partner, Bruno de Pampelonne.
Leveraging European Real Estate Networks
In his new role, the Tikehau Capital executive director will devote his time fully to the REIT as he aims to leverage the local expertise and network of the French asset manager as he implements IREIT’s investment strategy, according to a company spokesperson.
“He is a valuable member of Tikehau’s real estate practice actively contributing to the business and to the team’s growth as well as playing a key role in securing high-profile deals across Europe and we look forward to working with him,” said John Lim Kok Min, the chairman of the manager.
d’Estienne d’Orves joined Tikehau Capital’s real estate team in November 2018 as an executive director after 11 years at AXA IM Real Assets, where he had served most recently as firm’s co-head of European transactions for Special Situations.
During his time at Tikehau Capital, d’Estienne d’Orves has sourced and executed deals across Europe in the office, retail, hotel, and residential sectors, securing external debt financing and capital raising for co-investment opportunities and funds, according to the REIT manager’s statement.
IREIT’s previous CEO Aymeric Thibord had resigned earlier this year and handed back the role on 23 April after being appointed in 2016.