If real estate is all about location, location, location, exactly where should the chief executive officers of global investment platforms base their own office?
Over the past couple of years, the private equity real estate industry has witnessed a number of veterans choose the East over the West as investment opportunities emerged in force in Asia. LaSalle Investment Management’s global CEO Jeff Jacobson was perhaps the most notable example, relocating from London to Singapore in January 2010.
Now, though, it appears the US is emerging as the relocation destination of choice, with two high-profile CEOs opting to move from London to New York to grow their real estate operations.
Appointed the global head of RREEF in June, Pierre Cherki said he moved to the firm’s Big Apple headquarters in mid-December to focus the property arm of Deutsche Bank on three areas: deals and investment strategy, diversifying RREEF’s products and LP transparency. Cherki joined Bankers Trust, which was taken over by Deutsche Bank, in 1997 and most recently served as head of RREEF’s Europe, Middle East and Asia Pacific operations.
Cherki’s relocation is not the only one, however. Grove International Partners’ founder Richard Georgi also is in the process of moving from London to New York after a long career in European real estate circles, having served as managing director in charge of the Whitehall Street Real Estate Fund’s European business and later founding and spinning out from Soros Real Estate.
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