Aviva Investors, the global asset management platform of UK insurer Aviva, has appointed Ed Casal as chief executive, global real estate. Casal will replace Ian Womak who is retiring from Aviva on June 30, 2015.
Casal, who has been at Aviva Investors since 2008, is currently managing director, global indirect real estate and previously held the role of chief investment officer, real estate multi-manager.
There will be a one month hand over period as, Casal, will begin his new role and join Aviva Investors’ executive committee on June 1.
Bart Coenraads, currently head of Asia global real estate multi-manager will take on responsibility as head of global indirect real estate when Casal is promoted.
“Real estate is a key component of our aim to deliver outcome-orientated solutions for our clients. As we continue to invest in our capabilities and strategies, I am confident that Ed brings the qualities necessary to take the real estate business forward,” commented Euan Munro, chief executive at Aviva Investors.
The insurer recently made a £67 million (€92.2 million; $103.4 million) investment in a London office occupied by British broadcaster BBC, in a deal reflecting a yield of just 3.75 percent.
Aviva Investors manages more than £23 billion of property as part of a wider £245 billion asset portfolio.