Invesco Real Estate has promoted long-standing managers Cristiano Stampa and David Kellett to two new senior positions in Europe, as the company seeks to grow and build market shares in hotels, residential and the living sectors.
Stampa, who has been with the company for six years, most recently as head of transactions for southern Europe, becomes the new head of investments, Europe.
He will manage a large team focused on investment performance, the execution of the European growth plan, and interaction across all of the company’s markets via country and regional teams.
Kellett, who was previously head of hotel transactions and has been with the firm since 2018, will take on the role of head of alternative investments, Europe.
Both Stampa and Kellett will report to Andy Rofe, managing director – head of Europe.
Speaking to PropertyEU, Rofe explained how the appointments align with the evolution of Europe’s real estate market, including optimising performance.
According to him, the new senior nominations were necessary to drive change. ‘There is a strong rationale for why we’ve done it. That’s the skill sets and the drive you need to interact with clients in the next few years as the market is materially different from where it was five years ago.’
Commenting on Stampa’s appointment as head of investments, Europe, Rofe said: ‘I thought it would drive local accountability for performance even more if we generated country teams and had a single point of focus for country heads. As an Italian living in France, Cristiano completely gets the European markets, understands the full capital stack and all the markets that are reporting into him. That is important because we want all-round athletes at every level on each country.’
On Kellett’s appointment, Rofe added: ‘We were one of the early movers in residential and hotels. As the business increasingly becomes pan-European in its focus, you need someone with operational experience to drive that. David has worked on the hotel operating side and has M&A experience. We now have about 30% of our assets under management in residential and hotels and that will only grow.’
Rofe also revealed to PropertyEU that Invesco Real Estate has put an offer in on an asset in the alternatives sector in the CEE region.
‘If you had asked me three months ago what sector and region would be the first that we would transact in Q1 2023 it wouldn’t be CEE alternatives. I think the fear factor around Central Europe which was very accentuated 12 months ago for obvious reasons has gone away and there is active engagement within the region. Secondly the alternatives sector, where there was so much dislocation during Covid, has seen some asset repricing and there is strong net operating income growth.’
