Prologis, the San Francisco-based logistics real estate firm, is making a leadership change in its global client relations team, PERE has learned.
Jim Green, who began building the team when he joined Prologis in 2009, is stepping down as head of the group to assume the role of special advisor. “In my view, he has really developed a world class team,” said Gary Anderson, chief executive of Europe and Asia at the firm. In his new role, “Jim will be focusing on the things he does best, which is cultivating new business prospects.”
Meanwhile, Martina Malone, who joined Prologis in 2010 and was previously senior vice president of client relations in Europe and the Middle East, is succeeding Green as head of global capital raising. She will continue to be based in London and will report to Anderson.
“She was the clear choice,” said Anderson. “She’s raised a lot of capital and has a global perspective. Her ability to build and sustain relationships is tremendous.”
The leadership change, which was effective January 1, was planned and has been underway internally for the past 60 days. Green’s transition to special advisor will officially take effect on February 1.
Since the merger of ProLogis and AMB Property Corporation in 2011, Prologis has focused on consolidating its private funds platform – reducing the number of vehicles from 21 in 2011 to eight currently – to focus primarily on core open-ended funds and joint ventures in the US, Europe and Asia.
“With the simplification effort now complete, it made sense to make the transition now,” said Anderson. Post-consolidation, marketing of Prologis’s funds will be more streamlined: “It’s a clearer and simpler story to tell.”
Prologis’s global capital raising team comprises a total of 10 staff, including five “subject matter experts” who are focused on specific Prologis private vehicles: Malone, who is focused on the $9.1 billion Prologis European Logistics Fund; Leah Dillon, who is based in New York and concentrates on the US Logistics Venture and $4.2 billion Prologis European Logistics Partners fund; Jamie Cameron, who is based in London and covers the firm’s $200 million UK Logistics Venture; and Nathan Paine and Luke Rottmann, who are both based in San Francisco. Payne focuses on the $7.5 billion US Logistics Fund and $700 million China Logistics Venture.
“2017 was quite a remarkable year, because we were going through this consolidation that was completed in October,” said Anderson. “It was hard to raise capital when you’ve got funds that are merging. Despite that, the team raised right around $3 billion, which was certainly one of the largest raises in recent memory. In our open vehicles, we’ve got substantial queues and are well-funded today.”
Prologis had $77.2 billion of assets under management as of September 30. Its portfolio includes 3,307 industrial properties across the Americas, Europe and Asia.