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Azrack to leave, Orf to take helm at CPI

The real estate investment arm of Citi Alternative Investments will be led by Roger Orf following the departure of current chief Joe Azrack at the end of the month.

Roger Orf, head of Europe for Citi Property Investors (CPI), will be stepping into a new role as CPI president and chief executive officer following the departure of current head Joe Azrack. Azrack will be leaving the firm at the end of June, according to an internal memo circulated today, to “pursue an entrepreneurial career opportunity.” CPI was unavailable for further comment.

Azrack has been with the firm for four years and was key to CPI’s formation and global investment strategy. He previously headed Boston-based AEW Capital Management, founding its AEW Partners Funds.

Following the handover, Orf – who was responsible for CPI’s international investment activities – will be based in London where he will continue to oversee CPI’s European operations, according to the memo. However, the memo added, Orf would also spend considerable time at the firm’s New York headquarters.

Before joining CPI in 2004, Orf was head of European operations at Lone Star Management and prior to that was a managing director at Pelham Partners. He began his career as an investment banker at Goldman Sachs where he headed the European real estate department. He also helped to set up Goldman's Whitehall Fund established in 1991. Orf has a JD and an MBA from the University of Chicago, and a BA in economics from Georgetown University.

CPI, the property investment arm of Citi Alternative Investments, currently manages more than $13.5 billion (€8.7 billion) in real estate assets globally.