David Brush, head of RREEF in Europe, to retire

The real estate arm of Deutsche Bank is making personnel changes in Europe following the surprise announcement by David Brush that he will retire from the company next year.

David Brush, the European head of RREEF Real Estate and the global head of the firm’s opportunity fund business, will retire at the end of February 2008. Brush, a 20-year veteran of the firm, will continue to serve as a consultant to the firm and a voting member on a number of fund investment committees.

The surprise move has necessitated a reorganization of personnel at RREEF Real Estate, part of RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank.

Alistair Dixon, previously co-head of the European opportunity fund team, will take over as chief executive officer of Global Real Estate Opportunity Funds. At the same time, Pierre Cherki and Chris Papachristophorou will become co-chief executive officers of RREEF Europe. Papachristophorou has had primary responsibility for building the opportunity funds activities in Italy, Greece, the Balkans and Turkey.

In the past year, Brush has led a number of the firm’s key deals, including RREEF’s debut investment in Russia; the firm’s first move in the German residential market, via a joint venture with Pirelli Real Estate; and the acquisition of French department store chain Printemps for €1 billion ($1.3 billion).

The moves by RREEF follow a similar reshuffling in the US team earlier this year when Stephen Steppe transitioned from CEO of North America to chairman of North America. Timothy Gonzalez, previously the head of acquisitions in the region, has taken on the role of CEO.

RREEF manages approximately €59 billion in assets. Last year, the firm raised $1.6 billion for a global opportunity fund.