Thor Equities has appointed Ara Adjennian as executive director of European investments, in a newly created position. He will be head of the company’s Paris office at 101 Avenue des Avenue des Champs-Élysées, and oversee Thor’s expansion in Europe, including a pipeline of acquisitions in France, Spain, Italy and Germany. The executive will report to managing director Jared Hart, who is based in London.
Adjennian has more than 13 years of experience in asset and fund management in European real estate, most recently as retail director of France for TH Real Estate, where he executed a number of major transactions throughout Europe and managed retail properties of funds invested in France, Switzerland and Belgium.
Before joining TH Real Estate, he was an investment and asset manager at HSBC REIM, responsible for investments on behalf of SCPI Elysees and HSBC Insurance. Prior to that, he was an asset and property manager with Cushman & Wakefield in France, overseeing a portfolio valued at more than €1 billion.
“As Thor continues to acquire new properties in premier urban locations throughout Europe, Ara will play a key role in the company’s rapid growth, including hiring and managing additional staff to support our ongoing expansion,” said Jared Hart, managing director of Thor Equities, in a statement.
Thor has been actively investing in Europe since 2008, with a team of 11 focusing on global markets such as London and Paris, as well as major cities such as Milan, Berlin, Munich, Barcelona and Madrid. The firm’s European portfolio includes 102 Avenue des Champs-Élysées, 51-53 Boulevard Haussmann and 65-67 Avenue de Champs-Elysees in Paris; 65 Boulevard de la Croisette in Cannes; Bond Street House, 145 Oxford Street, 105-109 Oxford Street and the Burlington Arcade in London; and 9 Puerta del Sol in Madrid.
As PERE reported in June, Thor is planning either its first discretionary fund or a programmatic vehicle with an investor in Europe, which will have a $500 million target and will focus on the development and acquisition of retail and mixed-use properties throughout the region. European property investment is one of Thor’s four main investment strategies, which also include North American retail and mixed-use developments and acquisitions; developments, acquisitions and repositionings of real estate properties in Mexico; and purchases of New York City apartment rental buildings. The firm has declined to comment on its fundraising activities.