Chris Papachristophorou, former head of RREEF's opportunistic investment business, is to head a private equity platform that aims to invest €1.5 bn to buy government portfolios and distressed real estate assets in Europe.
Chris Papachristophorou, former head of RREEF's opportunistic investment business, is to head a private equity platform that aims to invest €1.5 bn to buy government portfolios and distressed real estate assets in Europe.
The platform called Invel is being established by Israeli firm Beny Steinmetz Group Real Estate (BSGRE).
Papachristophorou joins BSGRE as chief executive. He left Deutsche Bank's alternative asset manager RREEF last year amid a re-organisation of the business.
London-based Invel will seek to acquire assets being sold off by companies and governments in Europe as well as distressed assets. Key target markets include Italy, Spain and Greece, where the authorities are trying to sell real estate to reduce debt,
Under Papachristophorou, Invel will provide seed capital for transactions and will seek to work with co-investors on each transaction.
Beny Steinmetz is one of the richest men in Israel.
