European duo launch vehicle

Andrew Thornton and Jos Short have launched Internos Real Investors, which will invest across Europe.

Thornton, former chief operating officer of Invesco Real Estate Europe and Short, former chief executive officer of Pramerica Bank real estate private equity, said there would be many opportunities for successful investment.

“The outlook for us is bright,” said Thornton. “Internos has been founded to take advantage of this ‘return of opportunity” and to continue creating value for institutional investors in European real estate over the long term,” he added.

Thornton left Invesco in 2007, where he managed $10 billion in real estate. Short spent seven years at the European real estate arm of US firm Pramerica before he also left his employer to set up on his own.

“Whilst there are widely reported risks in the market, several proven routes to success are as important in 2008 as ever – access to local contacts with intimate knowledge of their markets and, above all, an understanding of how to successfully manage cross-border deals.  We believe it critical to optimize the mix of finance, real estate and partners from across the continent, to secure the best returns. This approach underpins our philosophy to real estate investment and strategy,” said Thornton in a statement.

The pair named the firm after the Latin for ‘between us’, and the philosophy of ‘the decisive eye’. Richard Peskin, chairman of London-focused property company Great Portland Estates is backing the company along with Nick Vetch, executive chairman of self storage company the Big Yellow Group and Patrick Deigman, executive director of the Goodman Group and formerly chief executive of Arlington Securities.

Consultant partners and members of the firm’s investment committee include Jan de Kreij, outgoing chief executive officer of Corio; Andrew Baum, professor of Land Management at the University of Reading, chairman of the investment committee for CBRE Investors Global Multi Manager team and chairman of Property Funds Research; Chris Field, former head of property and a senior partner at law firm Macfarlanes; and Charles Rasche, formerly head of group tax for all regions outside America at Invesco.