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PREI promotes Barrett to global risk officer

Stalwart of  Pramerica Real Estate Investors, Philip Barrett, has been elevated to a global chief investment risk officer role after having been in charge of investments in Europe and Asia.

Pramerica Real Estate Investors (PREI) has elevated longstanding European professional Philip Barret to the role of global chief investment risk officer.

Barrett, who joined the Madison, New Jersey-based firm in London in May 1999 is having his responsibility added to so that he will add oversight of investment risk for PREI's activities in the US and Latin American in addition to his present duties for the Middle East, Europe, Australia and Asia.

PREI, which is the real estate investment and advisory business of US-ased insurer Prudential Financial, is one of the largest platforms in the world with gross assets under management of $51 billion. Its chief executive officer, Eric Adler – who himself was promoted earlier this year and is a contender for Europe Industry Figure of the Year in the PERE Global Awards – said in a statement: “Philip’s promotion is a reflection of the success he has achieved in overseeing investments in Europe and Asia and the confidence that the business has in his abilities, as he takes additional responsibility for our operations in the United States and Latin America.”

He added: “I have no doubt that Philip’s experience and understanding of Pramerica’s business and its investors will prove invaluable in his expanded role.”

Barrett joined Pramerica after spending nine years at now defunct accountancy firm Arthur Andersen. At Pramerica, he joined and ultimately led the European opportunity and value-add funds group, which originated, arranged and invested more than €1.7 billion in equity in more than €6 billion of real estate in 10 countries across Europe. He has experience in all primary real estate sectors, along with senior care, hotels and self-storage.

Among his new duties will be to oversee risk aspects to investments of PREI's latest US vehicle, US Property Fund V which held a closing just weeks ago on $430 million. The most recent acquisition for the core, core-plus fund was Rio San Diego, a 190,000 square foot office building in California, for $56 million. The first was 575 Lexington Avenue in New York. The US property fund's investors are Germany-domiciled who want exposure to the North American real estate market.