Mike Sales, currently managing director, Europe for the London-based real estate asset management firm TH Real Estate will take over as head of the company from September 1.
He will replace the departing James Darkins, TH Real Estate’s current chief executive, who is retiring at the end of the year.
Darkins was pivotal in leading the formation of TH Real Estate in 2014, which saw financial services company Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF) and global asset manager Henderson Global Investors create a near $20 billion real estate powerhouse.
Back in April, TIAA-CREF, agreed to acquire the remaining 40 percent ownership interest in TH Real Estate from Henderson for £80 million (€112 million; $122 million), taking its ownership stake to 100 percent.
“Mike is a seasoned industry veteran and talented leader who played a pivotal role in establishing TH Real Estate in Europe, making him ideally suited to assume an expanded leadership role within the business, said Tom Garbutt, Chairman of TH Real Estate and head of TIAA-CREF global real estate, in a statement. Mike is supported by the rest of our deep management and investment team, and we congratulate him on this well-deserved promotion as we simultaneously wish James the very best in his retirement.”
“As the business embarks upon its next chapter, it’s a natural point at which to announce my retirement after over 30 years in the industry,” commented Darkins.
“Mike and I have worked together [at Henderson] since 2001 and his experience and knowledge of our business will ensure a seamless transition into his new role. I’m immensely proud of the business that we have created and am confident that it will continue to grow from strength to strength. I could not think of anyone better than Mike to take on that role.”
Darkins will continue his role as chief executive until the end of August and will remain with the business until the end of the year, ensuring a smooth transition to Sales.
Sales, a 25-year industry veteran, has held a number of senior management roles at TH Real Estate and Henderson. His most recent appointment was as managing director, Europe in 2011. His responsibilities in the role include overseeing investment and the day-to-day management of the European business. Sales also sits on the executive leadership team of TH Real Estate.