JER’s Europe head resigns

Malcolm Le May, the head of Europe for private equity real estate firm JER Partners, has left the business as it focuses more on 'asset management'. JER president Michael Pralle will take over Le May's responsibilities.

Malcolm Le May, president of McLean, Virginia-based JER Partners' European operations, has resigned from his position as the company switches its focus to being more 'asset management driven' than investment focused.

According to those close to the matter, Le May resigned more than 10 days ago. JER Companies president and chief operating officer Michael Pralle, who is in overall control of the business, is assuming his duties.

Le May is the most senior of a number of recent departures at the firm, including directors James Bury, Angus Dodd and Marc de Chassey. All three joined during Le May’s six-year tenure in the post. Bury, as reported by PERE, has joined European retail property developer and fund manager, Pradera Asset Management, as head of European fund management.

A spokesman told PERE: “Malcolm Le May has resigned and we wish him well.” 

The firm is still to fully invest its €800 million Europa Fund III.  Sources said the firm, under Pralle, will be more focused on asset management. As a result, Chester Barnes, who was appointed as head of European asset management last year, is expected to play a more integral role.