Patrizia Immobilien, the Augsburg, Germany-based real estate investment manager, has appointed Anne Kavanagh as its chief investment officer, where she will be tasked with further expanding the firm’s pan-European footprint.
Kavanagh, who has more than 25 years’ experience in the industry, joins from AXA Investment Managers – Real Assets where she spent the last seven years as the firm’s global head of asset management and transactions. Patrizia confirmed that her new role will begin from mid-April.
Before working at AXA, Kavanagh carried out leading managerial roles at a number of private equity real estate firms including: managing director, real estate at Lazard; head of real estate, Europe at Cambridge Place Investment Management; and international director in Jones Lang LaSalle’s capital markets business.
With Kavanagh’s arrival in April, Patrizia’s management board will comprise four members: Wolfgang Egger, chief executive officer; Klaus Schmitt, chief operating officer; and Karim Bohn, chief financial officer, as well as Kavanagh.
“Anne has built an outstanding track record, gained by working across many property cycles and multiple international markets,” said Egger. “Patrizia is seeing significant demand from global capital for investment into European real estate markets, and we firmly believe that with Anne taking on this new role we will continue to build on the good progress to date in substantially growing our pan European footprint for the benefit of our clients,” he added.
Kavanagh’s appointment follows a busy year for Patrizia, which manages over €18 billion of real estate assets. The firm made senior appointments across its US, Europe and Australia offices and secured major investments for a growing number of international investors, such as the acquisition of Germany’s tallest building, the Commerzbank Tower, for an Asian investor.
“In recent years, Patrizia has successfully transformed from a German into a truly European investment management platform,” said Kavanagh. “This is a strong basis for further growth in all real estate asset classes and risk profiles across Europe. I am excited to help make the firm a first choice for real estate investment across Europe.”
Following Kavanagh’s departure from AXA, Nathalie Charles, pan-European head of development and head of Southern Europe, Laurent Jacquemin, head of European transactions and Andrew Stainer, head of Northern Europe, will assume her responsibilities from the end of February on an interim basis.