WP Carey announces new Euro boss

H Cabot Lodge becomes president of the New York firm’s UK subsidiary and head of European investments

WP Carey, the US sale and leaseback specialist, has named H Cabot Lodge as its new head of its European operations.

Cabot, who has worked for the New York firm before including a stint as co-head of its acquisitions department, is based in London and replaces Edward La Puma who left late last year by mutual agreement.

Gordon DuGan, president and chief executive said of Cabot in an announcement: “His knowledge will be a significant asset in accelerating the development of our European franchise,” he said.

The firm has a global portfolio approaching $10 billion of assets under management, of which, approximately $3 billion is in Europe. The firm also has an office in Amsterdam that oversees its European asset management business.

Most recently, Lodge served as managing partner of CL Prop, a real estate advisory and corporate net lease management company he created in an alliance with New York property company Structure Tone Equities.

During his time at WP Carey, he he held a number of positions over a 15-year spell, including as co-head of the acquisitions department.

WP Carey also announced it has bought eight cold storage facilities from UK logistics and supply chain management company TDG Limited for £22 million (€25 million; $34 million), including acquisition fees. The properties are leased back to TDG. A ninth property is on course to be bought from the same firm.