DTZ, the global property services firms has made two senior hires for its Asia real estate funds business which was launched last March.
Ex-Bank of America Merrill Lynch director Jason Lee and ex-Macquarie director Michael Moon have joined DTZ Capital Partners, the entity responsible for funds launched by DTZ Investment Management.
Lee, who worked with BoA ML up until its global real estate principal investments team in Asia was acquired by The Blackstone Group late last year, has joined as chief investment officer. He will work under David Schaefer, DTZ Investment Management’s head of Asia Pacific and global head of institutional capital. He will join Schaefer at the firm’s Hong Kong office.
Moon has been appointed head of Korea investments responsible for direct investment and fund investment in the country. He will be located in Seoul.
Both will work on DTZ’s recently-launched debut Asia real estate investment fund, named Aveny Asia Real Estate Partners. As revealed by PERE last year, DTZ aims to raise approximately $400 million for the vehicle, which is expected to invest in Asia’s largest cities including Shanghai, Beijing, Seoul, Taipei, Hong Kong and Singapore. The fund, launched in October, is expected to adopt a value-added investment strategy and generate a net return of about 15 percent over a seven year lifespan.
DTZ has also appointed John Wythe as an independent member of the investment committee of the Aveny Asia fund. Wythe recently retired as head of fund management at Prudential Property Investment Managers (PruPIM) where he chaired Prudential’s core plus joint venture fund with LaSalle Investment Management.
The other members of the investment committee comprise Schaefer, Lee, head of DTZ Asset Management Patrice Genre and Robert Peto, DTZ’s long serving executive who is nowchairman of DTZ Investment Management and vice chairman of its capital markets division.