Patrizia, the Germany based real assets company, has made some fundamental changes to its structure, sealed by a vote of over 99% of shareholders.
Augsburg-based Patrizia, which is in the process of transforming from a real estate manager to a real assets platform, is changing its legal structure from an Aktiengesellschaft (AG) – a German public limited company, to a Societas Europaea, a European company.
In changes sealed at the company’s AGM, investment banker Saba Nazar has been elected as non-executive director to further strengthen ‘international expertise and diversity’ of the board.
Patrizia is creating a new executive committee that sits under that board of directors and replaces the management board of the previous AG legal structure.
That executive committee now includes a ‘broader spectrum of business functions’ such as transactions, fund management, asset management, capital markets, investment strategy & research, infrastructure, legal, as well as strategic corporate M&A.
Anne Kavanagh
As part of the wholesale changes, Patrizia said Anne Kavanagh, member of the management board responsible for all real estate investments, has decided to accept a new position outside the company. She is taking up the role of CEO at UK Build to Rent housing specialist Telford Homes from 25 July.
Wolfgang Egger, CEO and founder of Patrizia, said: ‘The creation of our new Executive Committee reflects our focus on investment performance and client centricity. It also mirrors our much broader product offering, following our strategic move into infrastructure.’
‘At the same time, our decision-making processes at the top of our business will be faster and more agile, as the information flow in the executive committee will be very close to the core of our Patrizia business.’
‘On behalf of the management board, I would like to thank Anne for her great work over the past five years and wish her all the very best. Anne achieved many milestones during her time with us, including the integration of four major companies we acquired and the further development and significant broadening of Patrizia’s product offering and investment activities across Europe and internationally.’
Kavanagh’s responsibilities will be split between three people - Amal Del Monaco, CEO asset management & development European Real Estate, Mahdi Mokrane, global head of investment strategy & research and Philipp Schaper, CEO European Real Estate.
Kavanagh said; ‘I feel privileged to have served on Patrizia’s management board and to have led Patrizia’s real estate group which is full of professional, talented and committed people, focused on delivering performance for investors. I am proud and grateful for all we achieved together in growing Patrizia into what it is today, from a pan-European real estate player into a leading global real assets player.’
