The former head of UK business at RREEF, the real estate investment arm of Deutsche Bank, is joining British insurer Legal & General.
Bill Hughes left RREEF at the end of August amid restructuring of the group as a one-stop European shop. Hughes was head of RREEF UK real estate for the last three years but his position was undermined by the reorganisation, according to City sources.
He will stage a comeback by joining Legal & General Property Investment Management (LGIM) later next month as successor to Mark Creedy, who announced his intention in January this year to step down as head of property at the insurance group.
Peter Chambers, chief executive of LGIM, said of the new hire: “Bill Hughes has extensive managerial experience of running successful, high-performing property businesses and can continue LGP’s growth strategy in this key area.”
One of his tasks will likely be to oversee a large development project in London. In September, the insurer announced it had picked Spain’s Metrovacesa as partner in the Walbrook Square project, a one-million-square complex near Cannon Bridge station.