Cromwell Property Group has made a high-profile appointment to lead its European operations.
Former Aberdeen Standard Investments (ASI) global co-head of real estate, Pertti Vanhanen, has joined the company as managing director, Europe.
As a member of the group leadership team, he is now responsible for Cromwell’s European platform, which manages €3.5 bn of real estate encompassing 160 assets and 2,300 tenants. The European group comprises over 210 people in 17 local offices across 11 different countries.
Vanhanen will be based in London and takes over from Mark McLaughlin who will leave the business after 20 years, the last four in the role of MD, Europe. He will depart at the end of March following a transition phase.
Acting Cromwell CEO, Michael Wilde, said, ‘Once Mark made his intentions known to us, we initiated an extensive, careful and considered search to find a suitable replacement.
'We are delighted to have found a successor with the right credentials and experience to leverage the strong foundations Mark has put in place. I’m delighted to welcome Pertti to Cromwell.’
Vanhanen explained, ‘This is a fantastic opportunity to further grow an operationally robust platform that has successfully dealt with all of the challenges Covid-19 has so far presented.
‘I’m also excited to get to work with a great team', which he said continued to find ‘great opportunities for our investors and capital partners’.
‘The recent sourcing of a portfolio of seven logistics assets fully let on long-term leases to DHL in Italy and a 125,000 m2 portfolio of 11 logistics and light industrial properties in the Czech Republic and Slovakia are terrific examples of what we can do. I’m very keen to see all our local teams uncover more of these types of opportunities,’ he concluded.
Vanhanen has been on a restricted period since leaving ASI last year.
In something of a surprise to the market in 2019, both Vanhanen and fellow ASI global co-head of real estate, David Paine, were asked to leave the business amid a corporate reshuffle. Subscribers can read the report here.
Cromwell changes amid ARA bid
Meanwhile, Cromwell Property Group is itself experiencing changes at the top.
In December, co-founder and CEO of the Australian listed property company, Paul Weightman, stepped down after 22 years with the company, leaving CFO Wilde to become acting CEO.
As widely reported in the Australian and Asian press, tensions have flared amid a stated intention by ARA Asset Management to mount a hostile takeover - a situation that has been rumbling on for more than two years.
Singapore-headquartered ARA has been systematically building its stake in the company and currently is the group’s largest shareholder with around 29.8%.
Cromwell’s chairman Leon Blitz, and deputy chairman, Andrew Fay have been shown the door.
Cromwell said Weightman’s ‘retirement’ had been on the agenda for some time. The company is conducting a search for a long-term replacement.
Click here for a report on the departure of Weightman by Mingtiandi.
