Patel to focus on resi debt as Cordea CIO

Kiran Patel will help Cordea Savills to expand its residential and debt businesses as part of his new role as chief investment officer.

The appointment of Patel, who resigned from AXA Real Estate last November, enables Justin O’Connor, who previously filled both roles, to focus on his duties as chief executive.

Patel said: “Residential is one of Cordea Savills’ strengths and a market I am keen on, not just in the UK but overseas.” He will work closely with the firm’s debt team, set up in March when Keith Davidson and James Tarry joined from Palatium Investment Management.

Cordea’s pan-European retail fund held a first closing last month with €70m of equity from four German institutions. Its target is a 7% internal rate of return and net 5% distribution.

Portfolio manager Ian Jones said the fund would buy “across the retail spectrum. We can achieve more attractive risk – adjusted returns by combining higher-yielding segments, such as Swedish retail warehouses, with high-street retail.”