GTIS Partners, a New York-based real estate private equity firm, has hired three men away from Prudential Real Estate Investors (PREI), the firm announced yesterday.
David Pahl and Barry Howell joined GTIS as managing directors and Thomas Baur joined as director. The trio will help GTIS, which manages $3.2 billion in assets, to broaden its commercial real estate investment activities.
“We continue to see value in residential, office and retail investments,” said Tom Shapiro, GTIS’ president and chief investment officer, in a statement to PERE. “We have always believed in investing in real estate where we see a defined catalyst to increase value. Neighborhoods and tenant demands continue to shift, creating special opportunities.”
Pahl leads the group out of the Atlanta office, supported by Howell in the same office and Baur in Munich.
The additions come as GTIS courts European institutions interested in US real estate. Pahl’s Prudential team was responsible for North American investments on behalf of German investors. For these investors he helped to invest their capital via PREI’s $1.5 billion USPF fund series, which he started in 1994.
In a statement about the men’s departures, a PREI spokesperson said: “The responsibilities of Mr. Paul, Mr. Howell and Mr. Baur were assumed in August 2014 by members of Prudential Real Estate Investors' Customized Investment Strategies group, a multi-disciplined portfolio management team that manages more than $5 billion in assets on behalf of a global client base across core, core plus and value-add strategies investing in properties primarily in the Americas,” the firm said in the statement.