Invesco Real Estate has appointed former RREEF executive Peter Feinberg as portfolio manager and senior director to take charge of some of its separate accounts.
Feinberg resigned from the real estate arm of Deutsche Bank in April just prior to the group being terminated the manager of a $678 million core real estate separate account with Massachusetts Pension Reserves Investment Management Board.
MassPRIM reportedly fired RREEF following the departure of four senior portfolio managers in around three years, despite above-benchmark performance since the firm was hired in 1995. RREEF continues to manage a $284 million REIT-focused separate account for the pension.
Invesco, which has $24.3 billion of assets under management, including $10.9 billion of direct investments and $4.5 billion of non-direct assets, said in a statement Feinberg would be based at the firm’s New York office.
Last month, Dallas-based Invesco held a €75 million first close on its Tactical UK fund, raising capital from German-speaking investors. It has also launched its second hospitality fund seeded with €168 million of assets. The Hotel Fund II, which will target Europe, has entered into exclusive talks to acquire a portfolio, Invesco told PERE at the Expo Real convention.
Invesco’s predecessor vehicle, Hotel Fund I, raised €350 million in November 2006 and went on to buy 16 mid-market hotels in nine countries with a gross asset value of more than €650 million.