Deutsche Bank’s head of global real estate has been replaced by the principal of its latest acquisition, RREEF.
Richard Gunthel, managing director and global head of DB Real Estate, has retired and been replaced by Donald King, managing principal of US property asset manager RREEF, which DB bought for $406m (£261m) in April.
Simon Cooke, chief executive of UK arm Deutsche Property Asset Management, said: “Dick did a fantastic job in building the global real estate business and acquiring RREEF, but he recognised that Don was the best person to run the business he’d created.
“Dick’s experience has been in real estate private equity and, at 55, he obviously decided to retire rather than go back to that.”
Cooke said King would initiate changes at DB Real Estate, involving “some restructuring”.
