Criterion Properties has appointed a new managing director to replace the sacked Aubrey Glaser. The group will be focusing on continental Europe rather than the UK in future.
Glaser was sacked in April after a row about a limited partnership with US company Oaktree Capital Management. Criterion accused Glaser of changing the terms of the agreement in order to entrench his position as a director.
The new MD will be Daniel Akselson, previously MD of Birka Properties BV, a subsidiary of Swedish quoted firm Anders Dios AB. Birka acted as a holding company for all non-Swedish real estate assets for Anders, with a focus on The Netherlands and Germany.
Akelson joined Criterion from Spray Network N.V, a Dutch Internet media company, with activities in nine European countries, where he was chief financial officer. Spray was recently sold to Europe’s largest Internet portal, Lycos.
He said: “I am delighted to be joining Criterion at this exciting stage in the company’s development. Criterion has disposed of most of its UK property portfolio to focus on continental Europe. I will be bringing my knowledge of the European property market to the Company, where we believe there are significant opportunities for growth. I look forwards to working with the team at Criterion.”
Commenting on the appointment, chairman Rolf Nordstrom, said: “Daniel’s appointment is excellent news for Criterion. We are keen to move on, and his appointment draws a line under recent events. Daniel brings with him a wealth of knowledge and experience of the European property market, where we are focusing Criterion’s investment activities.”
Criterion is now suing Glaser and seeking to have a clause in the agreement with Oaktree set aside. It alleges that this agreement gave Oaktree preferential buy-out rights in the event of a change of management at Criterion.
EGi News 08/10/01
