Fiera Real Estate UK has named Charles Allen to take over leadership of the business, PERE has learned.
Allen will become head of FRE UK on July 1 and be responsible for the management and business strategy of the UK property arm of Montreal-based asset manager Fiera Capital. He will succeed chief executive Alex Price, who will become vice-chairman at FRE UK with a mandate to focus on the global growth of Fiera Real Estate and in particular its expansion into continental Europe.
Allen, who has been with FRE UK since 2013, currently is the London-based firm’s head of transactions and oversees its acquisitions, dispositions and new business development. He previously worked in the corporate finance team at Ernst & Young, focusing on capital raising, M&A and restructuring.
Price joined Fiera Real Estate in 2003 and was initially responsible for establishing its fund management business. He set up and managed the Palmer Capital Development Fund and its successor vehicle and was promoted to chief executive in 2008.
The leadership transition comes three years after Fiera Capital acquired an 80 percent stake in UK manager Palmer Capital Partners. Under the deal, Palmer would remain independently managed, with Palmer Capital founder Ray Palmer staying on as executive chairman and Price continuing to run the day-to-day strategy and operations of the business as CEO. Palmer Capital, which was founded in 1992, officially rebranded as Fiera Real Estate UK in January 2020.
Fiera Real Estate managed over $5.9 billion of commercial real estate through a range of Canadian and UK investment funds and separate accounts as of March 31. FRE UK, with £750 million ($900 million; €864 million) in assets under management, develops and manages properties via its ownership stakes in eight UK real estate companies.
The firm has offices in North America and Europe and a team of over 80 employees. It is a wholly owned subsidiary of Fiera Capital, which had more than $149.1 billion of AUM as of March 31.