Internos Real Investors has been appointed by Icelandic bank Kaupthing as investment manager of its EUR 90 mln French property portfolio.
Internos Real Investors has been appointed by Icelandic bank Kaupthing as investment manager of its EUR 90 mln French property portfolio.
Held by Celsius European Holdings, the portfolio comprises 11 office, logistic and industrial properties. Around 68% of the portfolio is located in Paris and the Ile de France region. The new mandate falls hard on the heels of the formal takeover of the management mandate of Luxembourg-registered Invista European Real Estate Trust SICAF (IERET) in December.
Internos has hired the entire Invista Real Estate Investment Management Paris team and appointed Guillaume Masset as head of its French business to provide management services for Kaupting's portfolio. Internos appointed Mohamed Zein as portfolio manager when it opened the Paris office towards the end of last year. He previously worked at DTZ in Paris.
Jos Short, executive chairman of Internos said: 'This when added to Invista European Real Estate Trust gives Internos three funds with total gross assets in France of EUR 350 mln. We look forward to working with our new colleagues and clients to deliver the best possible investment performance.'
Kaupthing - once Iceland's largest bank - has been under control of the country's financial supervisory authority since the collapse of Lehman Brothers in autumn 2008 sent shockwaves through the financial industry worldwide.
Internos is a EUR 2.2 bn owner-managed real estate fund management business.
