MGPA, the Europe and Asia focused private equity real estate firm, has looked within for its next chief executive officer for Europe following the departure of Laurent Luccioni.
The firm told PERE it had promoted Tom Lee, previously group chief financial officer and chief operating officer as well as the chief financial officer of its Asia development business, to the role. Lee relocates from MGPA’s Asia headquarters in Singapore to its London office.
In the meantime, Luccioni has started a period of gardening leave which runs until early April. He is not thought to have lined up another role yet.
His departure brings to a close a tenure of more than five years with MGPA which he joined from North Carolina-based firm Cherokee Investment Partners as a managing director for its European funds. He was promoted to CEO, Europe in June 2010.
Lee joined MGPA in 2008 from Lend Lease, the old stomping ground for many of MGPA’s senior executives including chairman James Quille and chief executive officer Simon Treacy. He has held senior executive positions across Australia, the US and the UK both related to real estate investment and development.
MGPA’s staff and investors were informed of the changes yesterday. Treacy said: “I look forward to [Lee] returning to Europe to leverage MGPA's strong platform. We are now seeing increasing real estate opportunities and growing investor appetite within the region.”
MGPA is currently in fundraising mode for its fourth pan-Europe opportunity fund, MGPA Europe Fund IV. It closed on $100 million for the vehicle at the end of 2011 and is targeting a total equity haul of about $800 million.