Nick Preston, a CBRE Global Investors senior UK director, will join Grosvenor Fund Management next month as director of portfolio management.
Preston will be responsible for the performance of GFM’s six UK funds and mandates, reporting to UK MD Mervyn Howard.
Grosvenor is winding up its Festival Place Fund and selling its sole asset, Basingstoke’s Festival Place shopping centre, which is owned by O&H Properties and in-house investors Grosvenor and the Grosvenor Shopping Centre Fund.
It is also marketing one of the Shopping Centre Fund’s three other assets, Coopers Square in Burton-on-Trent. Both funds are due to be wound up in 2014.
Preston was CBREGI’s head of operations and involved with the launch of the UK Property Fund for defined contribution investors. Chief financial officer David Love and Chris Boatfield-Bell will take over Preston’s roles.
CBRE Global Investors has hired Goodman’s Alex Bignall as regional head of multi manager in the UK, completing a line-up put in place by Global Multi Manager head Jeremy Plummer after the merger with ING REIM.
Bignall managed Goodman’s European Logistics Fund, which recently completed a €1.2bn refinancing, including a €400m
revolving facility with ING Real Estate Finance, BNP Paribas and RBS; €400m of bilateral secured debt with Aareal Bank (€300m) and ING (€100m); and €400m of equity via a rights issue.
Plummer said Bignall will join the GMM management board and focus on club deals and co-investments for clients.