Kirkby leaves Cromwell Property Group

David Kirkby, the former managing director for Europe at Cromwell Property Group, has left the business. It is understood that the Australian is expected to stay in the UK but has not yet agreed a new role. Kirkby departs after the company’s second attempt last November of a successful listing in Singapore of a €1.4bn (£1.2bn) REIT containing European assets. In a message to contacts, Kirkby said: “After a decade with Valad Europe, and then Cromwell post their acquisition of the business, it’s time to go our separate ways. A global financial crisis turmoil, a business turnaround and more than €3bn of transactions – it’s been an interesting decade. However, my time with the group is done.” A statement from a Cromwell spokesman said: “After 10 years’ service, David Kirkby has decided to leave the business in pursuit of new opportunities. During his time with us, David played an important role in various positions, most recently as chief executive of the European business, before passing the mantle to Mark McLaughlin last summer. “We would like to thank David for his contribution and commitment to the business and wish him well for the future.” Kirkby’s is the highest-profile exit of a series of departures from Cromwell’s European team in recent months. These have included Audrey Klein, the former head of equity, who moved to Corestate Capital Partners as a managing director and head of international institutional clients, and Simon Marriott, the former head of investments and UK real estate, who joined Regional REIT as investment director. Kirkby was second in command as managing director when Sydney-listed investor and fund manager Cromwell bought the European business, which was then Valad Europe, in 2015 for €150m from Blackstone and the company’s management. Cromwell did not agree any tie-ins with management and the European business’s then executive chairman, Martyn McCarthy, chose to leave less than a year after the sale, having moved back Down Under with a view to taking a role with the parent company. Last October Kirkby then stepped down as managing director for Europe to an executive director position. Prior to joining Valad in 2008 as head of funds management, Kirkby was chief executive of the European funds management division of Lend Lease. To send feedback, e-mail david.hatcher@egi.co.uk or tweet @hatcherdavid or @estatesgazette