Investec, the Johannesburg-based specialist bank and asset manager, has hired Crispin Gandy, a UK investment executive from a London property company, to aid its push into UK real estate investment.
Gandy, who was a partner and head of investment at London-based property company Exemplar Properties, is to join Investec’s real estate platform, Investec Property Investments. Reporting to Angelique de Rauville, head of property investments, Gandy will be responsible for sourcing investments in the UK and Ireland.
In addition to Exemplar, Gandy also previously worked for CIT Group and Schroder Property, and prior to that he was an investment agent at UK property services firm Knight Frank.
Investec Property Investments has more than £1.1 billion of real estate assets on its books in South Africa but has only recently made its move in UK real estate. Last July it completed the £70 million purchase of Carlton House Terrace in London jointly with Credo Property Group, a privately-owned wealth management business.
It completed that deal and will undertake others in the UK via its GLL Real Estate Special Opportunities Fund, a vehicle managed by Investec Bank and GLL Real Estate Partners, a Munich-based real estate fund management firm. The euro-denominated fund has €150 million of equity but, with leverage, has a total spending power of €375 million. Investec will also invest in assets on a direct basis on behalf of its clients.
de Rauville said: “Investec Property Investments is already a well established player in South Africa and expansion of our Property Investments business here in the UK is a core part of our strategy.”