Former RREEF managing director Chris Papachristophorou has joined BSG Real Estate to launch a $2bn (€1.5bn) European property platform.
Papachristophorou has joined Beny Steinmetz Group Real Estate (BSGRE), the real estate division of the Beny Steinmetz Foundation, to launch Invel Real Estate.
Invel is aiming to deploy $2bn of equity in European real estate investments that will capitalise on, among others, corporate and government restructuring, distressed situations, and asset redevelopment and repositioning.
BSGRE will provide the seed capital and selected investors will have the opportunity to co-invest on a transaction-by-transaction basis.
In addition to his role as managing partner of Invel, Papachristophorou will also become chief executive of BSGRE.
He said: “I am excited to have the opportunity to work with a group that has demonstrated over the years unparalleled, multi-cyclical investment skills in the high-yielding real estate sector and which is now looking to transform its experience into a more robust business model.
“We believe that our combined philosophy and approach to transactions will be very appealing to our partners and investors in the current market environment.”
