Zug, Switzerland-based private equity real estate firm Corestate Capital has parted ways with its chief executive officer Phillip Burns.
He is understood to have left the firm one week ago and is not thought to be immediately seeking another employment.
Corestate declined to comment and Burns was unavailable for comment. However the firm stated on its website: “Phillip Burns is no longer serving as CEO of CORESTATE Capital AG. Within the board of directors, Thomas Landschreiber, co-founder and chairman of the board of CORESTATE Capital AG, will be taking over his tasks.”
Former Cerberus Deutschland Beteiligungsberatung executive Landschreiber is currently Corestate’s chief operating officer.
Burns joined Corestate in February 2011. Based primarily at the firm’s Swiss headquarters, he regularly worked between its offices in London, Frankfurt and Luxembourg also.
He joined from Terra Firma where he worked since 2002 on transactions including the spin-out from Nomura, the Japanese investment bank, and transactions in other asset classes like waste, infrastructure and credit.
His particular expertise was German residential real estate however which made him a good fit at Corestate. Of the deals transacted during his time with Terra Firma was the €7 billion acquisition of Viterra through the firm’s portfolio company Deutsche Annington.
He also previously worked for Goldman Sachs on mortgage finance, real estate and general corporate finance transactions.