People moves: PGIM splits real estate CEO job as Adler moves to head alternatives

Cubico Sustainable Investments, PGIM Real Estate, Knight Frank, Europa, CBRE, Cubico Sustainable Investments, Multi Corporation, IFM, Spearmint Energy, Ascentris, Dentons, Hogan Lovells

PGIM – Eric Adler, president and CEO of PGIM Real Estate is to lead PGIM’s new alternatives business, which will cover real estate, infrastructure, agriculture, private credit and private equity. Cathy Marcus and Raimondo Amabile have been named co-chief executive officers, replacing Adler who has led the real estate equity business for 10 years. Marcus and Amabile will jointly run the real estate business in an expansion of their existing global and regional roles. Marcus will retain her responsibilities as global COO, and Amabile will retain his responsibilities as global CIO. Soultana Reigle, currently senior portfolio manager for US equity value-add strategies, has been promoted to head of US equity, replacing Marcus in that role. Sebastiano Ferrante, currently deputy head of Europe, has been appointed head of Europe. Enrique Lavin, currently deputy head of Latin America, has been appointed head of Latin America. Christina Hill will expand her existing Americas-focused asset management and global ESG responsibilities in a newly created role as global head of asset management and sustainability. Reigle and Ferrante will assume these leadership roles in addition to their existing senior portfolio management responsibilities in each region.

California State Teachers’ Retirement System – The pension fund has promoted Julie Donegan to real estate investment director. Donegan replaces Mike DiRè, whom Donegan reports to and is now senior investment director of private markets. Donegan joined CalSTRS as a real estate portfolio manager in 2019, most recently focusing on residential assets while serving as interim director of real estate. Before joining CalSTRS, Donegan worked 15 years in the private sector, most recently as a senior vice president for Franklin Templeton in Sacramento. Donegan is CalSTRS’ first female real estate director.

Europa – Sabine Jones has joined the pan-European real estate investment firm’s asset management team as director. Based in London, Jones will be part of the team that manages clients’ assets across Europe. Jones joins from Marathon Asset Management where she spent the last 10 years overseeing the asset and investment management of sizeable retail and office portfolios across key European markets.

CBRE – The global real estate advisor has hired Jeremy Eddy as head of living capital markets for Europe. He will be responsible for the leadership of all components of CBRE’s European living capital markets platform. Eddy was previously head of living and hospitality, EMEA at JLL where he enjoyed a 24-year career. He joined JLL’s capital markets team in 1998 and led the retail division before leading the living and hospitality business.

Cubico Sustainable Investments – The renewable energy company has appointed Paul Hanrahan as its new chairman. Hanrahan replaces Karen de Segundo, who is retiring after eight years in the role. Hanrahan has worked in the power industry for more than 35 years, holding CEO and director positions at organisations including AES Corporation, American Capital Energy & Infrastructure, Globeleq and Hygo Energy Transitions during that time.

JLL – James Allan has been appointed Middle East and Africa CEO, to drive the firm’s growth agenda in the region. Allan takes over the role from Thierry Delvaux, who stepped down as CEO of JLL Middle East, Africa & Turkey after nearly five years. Allan brings 20 years of real estate experience in key competitive markets such as the UK, China and Indonesia. He has been with JLL for 15 years, taking on increasing levels of responsibility. Prior to his MEA role, Allan led JLL’s business in Indonesia for five years. Farazia Basarah has been appointed Indonesia country head to succeed James Allan, who was recently named CEO for JLL Middle East & Africa. Basarah will be responsible for all of JLL’s operations in Indonesia, with oversight for the markets advisory and capital markets business lines. She has been with the firm for the past 12 years and, in that time, played a key role in growing the market-leading logistics, industrial, and data centre businesses in Indonesia.

Multi Corporation – Francisco Cavaleiro de Ferreira has rejoined the European retail management and development company as as managing director of Iberia. He previously held the position from 2014 to 2021. He will be replacing João Cruz, who is leaving the company after 23 years of service. Prior to joining Multi Corporation in 2001, Cavaleiro de Ferreira worked at Sonae Sierra. He also served as a lecturer in team management in Retail at Universidade Católica de Lisboa, and over the last few years, he held the position of senior advisor at Aquila’s sustainable infrastructure business.

Knight Frank – Hannah Awonuga has been appointed to the newly created role of group head of diversity, equity and inclusion. Awonuga has more than 17 years of experience in the banking industry, joining Knight Frank from Barclays Bank where she was global director and head of diversity, equity and inclusion colleague engagement. Awonuga’s role at Knight Frank will focus on developing a strategic roadmap with the overall purpose of providing a superior experience for Knight Frank’s people.

IFM Investors – Maria Nazarova-Doyle has joined the global investment manager as head of sustainable investment. Nazarova-Doyle, based in London, is joining in the newly created role from UK-based pensions company Scottish Widows where she was head of responsible investments and stewardship. Before joining Scottish Widows in 2020, Nazarova-Doyle held senior positions at JLT Employee Benefits and at Mercer. Since 2022, Nazarova-Doyle has been a board member of the UK Sustainable Investment and Finance Association and its policy committee. She is also an active member of the PMI Advisory Council, ABI Climate Change and Stewardship Working Groups, Occupational Pensions Stewardship Council and a number of government-led taskforces.

Spearmint Energy – Tara Young, former deputy general counsel at Plus Power, has joined the company as general counsel. Young will serve as Spearmint’s lead internal attorney, supporting corporate matters as well as the company’s continued development of fast-expanding battery storage projects across the US. Before Plus Power, Young was a senior corporate attorney for Berkshire Hathaway Energy. Earlier in her career, she held roles at Ahern Rentals, Diamond Resorts International, and KKBRF.

Ascentris – Denis Curran has been named partner. Curran will join the real estate private equity firm’s executive management team to guide the future direction of the company. Curran joined Ascentris in 2014 as an associate and has since taken a leadership role in the Central US region for the company. Prior to joining Ascentris, Curran was a derivatives trader with Infinium Capital Management.

Hogan Lovells – Thomas Dörmer and Tim Heitling are joining the global law firm’s corporate and finance practice group as corporate infrastructure and energy partners in Berlin. They join from Dentons and bring with them other members of their existing team.