Former Cromwell chief lands new role

The former European managing director of Cromwell Property Group has joined a rival fund manager. David Kirkby, who left the business in February, has joined Avignon Capital as director of capital accounts after a period of gardening leave. Avignon has 104 assets under management valued at €700m (£612.5m) and in March formed a strategic partnership with CLSA, the international investment group of China’s largest investments bank, CITIC Securities, to be its exclusive partner for a European real estate drive. Aside from CLSA, Avignon’s investors are primarily high net worth individuals and family offices that it manages segregated mandates for as well as being the advisor to the £168m International Stock Exchange-listed Cubic Property Fund. However, a major part of Kirkby’s role will be to introduce more institutional clients to the business and the launch of co-mingled funds may be considered next year. He will also be involved in closing transactions. Focused on core-plus and value-add strategies, Avignon is currently invested in five European countries and is looking to expand its portfolio in established investor markets in the UK, Germany, Spain and the Netherlands. It currently owns offices, hotels and mixed-use projects and campuses. Avignon, which completed €575m of transactions last year, currently has around 15 staff predominantly in its Margaret Street, W1, office but also has a location in Berlin and is looking to open more across Europe in the next six to 12 months. Kirkby was managing director of Valad Europe in 2015 when Sydney-listed investor and fund manager Cromwell bought the business for €150m from Blackstone and the company’s management. Last October Kirkby then stepped down as managing director for Europe to an executive director position before leaving the business a few months later. Prior to joining Valad in 2008 as head of funds management, Kirkby was chief executive of the European funds management division of Lend Lease. He said: “Avignon Capital is a growing business, so hopefully my network and experience will complement the team as they expand further in the UK and Europe. Avignon has an enviable track record and its focused and driven team is exactly what institutional capital is seeking.” Eric Mounier, chief executive at Avignon added: “David brings extensive experience and knowledge within real estate and funds and will pay a pivotal role in strengthening our position in the UK and across Europe.”