Ex-CPI Asia head Schaefer joins DTZ

David Schaefer, the former head of Asia Pacific at Citi Property Investors, has been appointed to lead property services firm DTZ’s investment management charge in Asia.

The former head of Asia Pacific at Citi Property Investors is to lead the formation of an Asia real estate investment management platform at property services firm DTZ.

The London-based firm, which has more than 10,000 staff worldwide, already has a sizeable presence in the region with offices in China, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand, Australia and New Zealand. But while it runs an investment management platform with more than $2 billion in assets under management from London, the firm has not expanded the business into Asia to date.

According to PERE sources, Schaefer is to take on the dual role of head of investment management, Asia Pacific, and global head of institutional capital. Neither Schaefer nor DTZ would comment on his appointment or the firm’s plans for the region, however it is understood he will start the role early this week.

Schaefer left CPI last spring following the firm’s strategic change of direction away from fundraising and investment, to focus more on asset management.

As part of this switch, CPI halted fundraising for a follow-up fund to its $1.29 billion CPI Capital Partners Asia Pacific fund, returning $400 million of equity to investors in the process. Following his depature, Schaefer’s role was assumed by then-head of India Ravi Hansoty.

Earlier this month, PERE exclusively revealed that CPI is poised to be acquired by Apollo Global Management in a transaction due to complete by the end of the second quarter. CPI was marketed for sale shortly after Schaefer departed.

During his tenure at CPI, which he joined in March 2005 from Macquarie Bank, Schaefer led numerous large investments including the acquisition of the Kukdong building in Korea,  the purchase of Asia Plaza in Taipei in 2007 and the redevelopment of Crocodile House in Hong Kong in 2005. He also led investments in Macau, Bangalore and Delhi, among other places.