28 September 2012
Pradera confirms its succession plans
Europe's leading specialist retail property fund manager, Pradera, today announces that it has incorporated all its retail property management activities under one executive management team led by recently appointed CEO James Bury.
James will be supported by managing directors, Roberto Limetti and Neil Varnham. The changes bring together the UK and European business under one executive team which will also include Simon Cairns, Richard Gore, Eduardo Noguera, Scott Quinn, Alison Rehill, Mark Richardson and Barrie Whight.
As part of this process, the co-owners of the group, Paul Whight and Colin Campbell, will be stepping back entirely from their current, day-to-day executive roles, remaining shareholder directors in a non-executive capacity. The purpose of this move is not only to pass on management of the group to an experienced team of executives, but also to present the combined UK and European operations under a single Pradera-branded fund and asset management company. These changes will benefit the group's investors and joint venture partners, as well as the retail occupiers of the fifty one assets managed by the company.
Pradera founder Paul Whight says: "For the last twelve months we have been formulating a succession plan that will enable a smooth transition to a new management structure. Colin and I are stepping back from our hands-on roles, confident that the baton is being passed to the best possible people."
Colin Campbell added: "This is an important and exciting step in the evolution of Pradera. The team has now grown to over 90 people managing more than €2.2bn of retail assets in the UK, Continental Europe and Turkey as a manager of funds, separate account mandates and joint ventures. Our new executive team is highly regarded throughout the industry and the steps being taken will allow the next generation of Pradera managers to take the business forward. This is a team that has strong history within the group, has worked together for many years and understands the traditional strengths of Pradera."
James Bury commented: " This is a great opportunity to build upon success of the individual Pradera business with a single management team and unified Pan-European business. Our asset management focused approach based on expert, local teams in each country continues to deliver good performance for our investors and we are confident that there is a bright future for the retail sector in general and specialist managers in particular."
As part of this process, Chris Jolly will step back from his Group Chief Executive role and become a non-executive director at shareholder board level along with the current parent board member, Yvonne Beirne and non-executive director Nick Hewson.
Key Pradera Profiles:
James has almost 20 years of commercial real estate experience, a large part of which have been gained in the retail sector in Continental Europe. James joined Pradera in 2009 and has been running the European operations as Managing Director and Head of Asset Management.
Before joining Pradera, James was director of JER Partners. Prior to JER, James was a Director of Property at Henderson Global Investors, mostly notably working on the launch of the Herald European Retail Fund for which he was a Fund Manager and also on the Henderson's European Outlet Mall Fund.
He was seconded to Pradera for most of 2000 and worked on the Pradera European Retail Fund's first acquisition in Spain and Italy. Before Henderson, James worked for Cushman & Wakefield for six years.
Neil has 37 years' experience in the retail property sector, having worked in direct property investment across 15 countries and across the globe in capital raising. Prior to joining Pradera in 2009, Neil was director at Henderson Global Investors where he was responsible for the creation, launch and directorship of a number of Funds in the Retail Sector, notable ones of which included the Henderson Herald Fund, UK Outlet Mall club vehicle and European Designer Outlet Mall Fund.
In the late 1990s Neil created the Birmingham Alliance joint venture. This joint venture developed the prestigious Bull Ring Shopping Centre (over 1 million sq ft), which has become the iconic symbol of Birmingham and has won numerous awards across the globe. From 1996 through to its opening in 1999, Neil was involved in the management of the development of the 650,000 sq ft Buchanan Galleries shopping centre in Glasgow.
Neil is a former President of the British Council of Shopping Centres, is a Fellow of the Royal Institution of Charter Surveyors and has spoken on retail topics throughout Europe at numerous conferences.
Roberto joined Pradera in January 2001 and has held the position of Head of Pradera's Italian office, based in Milan. Previously, he has worked for more than three years at Sisim Srl, an Italian based consultancy company, as the development manager for Italian and international companies wishing to expand in the Italian, Austrian, Croaitan and Slovenian shopping centre markets. Prior to Sisim, he spent four years first at Espace Expansion Italia (subsequently Alban Cooper Italia Srl), working on feasibility studies and managing and leasing shopping centres in Italy.
Roberto studied Economics with specialisation in shopping centre localisation at Universita' Cattolica del Sacro Cuore in Milan.
For further information please contact:
David Martin, TTA Group
Tel: 020 7861 2563
Tim Reid, TTA Group
Tel: 020 7861 2564