GLOBAL - Deutsche Pfandbriefbank, First Capital Realty, USAA Real Estate, Cityhold, Grosvenor, Patrizia, Savills

Deutsche Pfandbriefbank - Harin Thaker, dpp's international head of real estate, will step down from his current position at the end of January, with Bernhard Scholz assuming Thaker's role alongside his duties as board member overseeing real estate and public investment finance business.

First Capital Realty - Andrea Stephen, recently retired as executive vice-president of investments at Cadillac Fairview Corporation, has joined the board as independent director. Prior to her time at Cadillac, she led Ontario Teachers' Pension Plan Board's real estate division and was responsible for its privatisation and the subsequent launch of Cadillac.

USAA Real Estate - Will McIntosh has been named global head of research, joining from the Abu Dhabi Investment Authority, where he was head of global property research. McIntosh has previously spent time as managing director of ING Real Estate Investment Management, AIG Global Real Estate Investment and Prudential Global Asset Management, alongside a number of academic posts.

Cityhold - Lisa Flodin has been named chief financial officer at the joint venture between AP1 and AP1. Flodin previously held the same role at London & Regional and has worked at TK Development, Lindeberg Grant Thornton and Mandamus.

Grosvenor Fund Management - Joining from Morgan Stanley, Dietrich Heidtmann has been named managing director of client services in the EMEA and Asia Pacific regions. Working from Paris, he will report to James Raynor, chief investment officer. At Morgan Stanley, Heidtmann was most recently head of real estate private capital markets EMEA.

Patrizia Wohnen - Günter Loder has been named managing director, replacing Werner Gorny, who is retiring at the end of June. Loder has been with the company for nine years and will see his responsibilities for new residential developments passed to Markus Peltzer.

Savills - The company has opened a new office in Cologne, headed by Elmar Wirths, previously head of BNP Paribas Real estate's industrial team in the region.