Time’s up for Reid at Cornerstone

Iain Reid, who sold Protego Real Estate Investors to Cornerstone in 2010 along with co-managers Charles Weeks, Hugo Llewellyn and backer Smedvig Capital, will leave next month after a two-year lock-in period ends.

Weeks has succeeded Reid as European CEO; Llewellyn left last year to set up Newcore Capital Management. Since buying Protego, US group Cornerstone has marketed its US closed-ended, value-added funds and open-ended fund to European investors. It has also “secured US capital to invest in two UK strategies: multi-let industrial properties and central London offices”.

In Europe, it has been trying to raise capital for the Swedish Social Infrastructure Property Partnership for over a year. The group, owned by Massachussets Mutual Life Insurance, hopes to start originating fixed-rate property debt in the UK.