German listed real estate asset manager Patrizia Immobilien has appointed Etienne Marcot as the new managing director of its French business.
Marcot takes over the reins from Silvio Estienne and Bruno Cohen, who have left the management team.
'Etienne Marcot is a bona fide real estate expert, and we are so pleased that he has agreed to continue the direction our Paris-based subsidiary has taken and to continue growing our business there,' said Klaus Schmitt, chief operations officer of Patrizia Immobilien. The French subsidiary manages Patrizia's activities in the French and Belgian markets.
Marcot, this graduate of the Institut d'Etudes Politiques in Paris, has 30 years of experience in the real estate industry. Most recently, he was CEO of pan-European financial services provider N+1 REIM. From 2007 to 2014, he was a partner and the CEO of STAM Europe, an independent asset and investment management company based in Paris. Prior to that, he held leading positions in different companies specialising in asset and investment management such as La Française REM, Gecina and Constructa.
'I would like to thank Silvio Estienne and Bruno Cohen for laying the groundwork. Without their work and commitment, it would not have been possible to establish our subsidiary Patrizia France,' Schmitt added. The French business has some €700 mln of real estate assets under management.
