Hines has hired Alfonso Munk, the former Americas CIO at PGIM Real Estate, as the company reorganises itself to work more directly with large investors across global real estate markets.

Munk, who recently left PGIM Real Estate, has become one of three regional CIOs, overseeing the Americas, alongside Alex Knapp and Lee Timmins who will look after Europe and Asia, respectively.

Global CIO David Steinbach and capital markets CEO Chris Hughes will jointly lead the restructured platform.

Hines said the reorganisation was designed to “meet the demands of the world’s most savvy investors, who are increasingly taking a strategic approach to their investment manager relationships and looking for partners who can meet their needs across several dimensions”.

The $124bn (€112bn) real estate investment manager said the change would also “encourage more large investors to work directly with the firm in a variety of collaborative ways”.

Hines, known for major commercial real estate developments, was founded in 1957. Its investment management arm was created in 1991 and today runs a number of funds and separate accounts.

Steinbach said: “Our expanded platform allows us to satisfy the needs of our investors who want to ‘go direct’ with larger, more-strategic relationships, led by real estate experts who are thinking well into the future and looking above the tree line.

“We believe our new platform positions Hines to be in the highest tier of investment managers.”

Hughes said: “Investors are taking note of the fundamental shifts in real estate at the product level and they value a partnership-driven firm with our track record, entrepreneurial approach and understanding of changing demand drivers, tenant requirements and the competition for talent.

“We are imbedded with global occupiers, and it is our goal to not just respond to their needs, but to anticipate them.”