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Lone Star UK head takes CEO role at portfolio company

The private equity real estate giant will not be replacing Angus Dodd and his day to day duties will pass to one of the firm’s rising stars James Riddell.

Angus Dodd, the head of UK and co-head of Europe at Dallas-based private equity real estate giant Lone Star Funds, is to leave the firm to take the reins at London-based property company Quintain which it acquired last October.

Dodd (pictured), who currently serves as Quintain’s chairman will become chief executive at the end of the month, effectively calling time on his full-time role at Lone Star. Though he will retain director roles for a number of Lone Star’s European investments, his daily duties will fall to managing director James Riddell, considered one of the firm’s rising stars.

Riddell will now report directly to Olivier Brahin, Lone Star’s head of Europe, who also now assumes Dodd’s role as Quintain’s chairman.

While Lone Star is therefore losing one of its main decision-makers in Europe, PERE understands that the firm’s strategy in the region is expected to remain consistent. Lone Star closed its fifth commercial real estate fund in April at $5.9 billion with a view to deploying the capital into both real estate debt and equity investments in the US and Western Europe.

Lone Star purchased Quintain for £745 million ($1.05 billion; €938 million) using equity from the firm’s fourth fund and debt from US bank Wells Fargo.

Dodd’s appointment is a part of a senior overhaul at the company that sees existing CEO Max James step down and a number of high profile senior advisors added to the ranks.

Quintain is one of London’s better known property companies. The firm has a London-centric portfolio of assets, including a concentration in the Wembley area (pictured) to the city’s north. Its total assets are valued at £366 million, according to its full year results 2014/2015.

Dodd said: “I am delighted to be taking over as chief executive at such a pivotal moment for the business following the recent approval of a new masterplan for Wembley Park…. I look forward to leading the continuing transformation of Wembley Park, one of Europe’s biggest regeneration projects.”

“I would like to pay tribute to Max, who, over the last five years, has led Quintain’s revitalisation. He has rationalised the business, created an exciting platform for growth and brought Wembley Park to life as a thriving new district for London. He leaves as chief executive with our very best wishes and I’m pleased he will remain on as a valued consultant”.