Valad Property Group, the Australian-listed value-added property specialist, has parted company with European investment manager, Robert Rackind.
Rackind left the company last week in order to set up his own platform based in London.
Davies Street Capital, the new vehicle, is focussing on value-added office investments in Western European capital cities, with an initial pipeline of deals in London.
Dennis Lopez, a former head of European investment banking at JP Morgan and current chief executive of real estate at emerging markets specialist SUN Group, is a non executive director.
Rackind’s departure follows a decision by Valad in recent month to concentrate more on managing existing fund-managed investments after a prolonged period of growth. It has curtailed its profit generating development and trading activities amid a plunge in its share price in Sydney. Shares in the company have lost 95 percent of their value in the past year and are currently trading as low as A$0.04.
Rackind is a former real estate professional at US firm Hines where he spent five years in London and Paris. Previously he was at the UK and US focused Cambridge Place Investment Management where he was head of real estate asset management from 2006 responsible for the €1.5 billion Crownstone property company in Europe. He was also UK head and European vice president at Meyer Bergman, the European retail private equity real estate firm.
He was recruited by Valad in September last year to take responsibility for its European balance sheet trading and development activities.