M&G Real Estate has promoted Marc Reijnen to the joint role of head of investment and asset management in continental Europe following the departure of Olivier Vellay to Baumont Real Estate.
Paris-based Reijnen was previously head of asset management and has now also assumed Vellay’s former investment responsiblities.
The pair, who joined M&G separately four years ago, have been instrumental in more than doubling UK-headquartered M&G’s continental European AUM to €4.6 bn today.
M&G has two main funds investing in continental Europe: its flagship open-ended European Property Fund which is approaching €4 bn of AUM and the three-year-old European Secured Property Income Fund.
'The progress we have made over the last three years should continue in those two funds,' Reijnen said. Equity capital is being committed to them at a rate of €700 mln-€800 mln per year and he added that M&G is 'very hopeful that next year will be similar. Queues to get into the funds are currently between six and nine months'.
M&G also plans further diversification of its products and clients base in Europe working from its six offices, in Paris, Amsterdam, Frankfurt, Stockholm, Milan and Madrid which cover 12 jurisdictions.
Vellay joined Baumont Capital in September. The private equity real estate firm was set up by former CarVal Investors directors in 2017 and raised €337 mln for its debut fund in March, including €25 mln of discretionary co-investment capital.
The fund is mainly targeting distressed property in France and the UK.
Tony Brown, global head of M&G Real Estate, said: 'I would like to thank Olivier Vellay who left to pursue opportunities in private equity. He made a large contribution to our European business in the four years he was with us.'
