M&G has promoted Martin Cities (pictured) to international head of its $42bn (£31.9bn) actual property enterprise.
He replaces Tony Brown who’s retiring after a 35-year profession in infrastructure and actual property funding, 11 of which have been spent at M&G.
Cities’ new position comes into impact on 1 July. He has labored on the asset supervisor for 15 years, first as a fund supervisor and most lately as deputy international head of M&G Actual Property.
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He presided over M&G’s entry into the residential sector in 2013 and institution of its capital options enterprise in 2015.
M&G mentioned he additionally performed an instrumental position within the majority acquisition of BauMont Actual Property Capital as a part of the agency’s goal to strengthen its place in non-public property in Europe.
“As we enter this dynamic subsequent part of the property cycle we see many compelling new alternatives throughout international markets, which our groups are ideally positioned to faucet into,” mentioned Cities. “I’m excited by the chance this brings for us as a significant investor as we glance to additional cater to the fast-evolving wants of our buyers.”
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Brown added: “Reflecting on my time in the true property business has been immensely gratifying. I’m additionally very happy with the expertise we now have throughout the enterprise and with Martin driving future development and innovation, I’m certain he’ll take M&G Actual Property to even higher heights.”
M&G Actual Property is a part of M&G’s $93bn non-public markets division and invests throughout each fairness and debt methods.
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