EUROPE - Otis Spencer, the former real estate executive at ABP Investments who joined US real estate firm Heitman LLC recently, has been promoted in a management shake-up.
Chicago-based Heitman said Spencer, formerly senior portfolio manager for European and Asian real estate at the €180bn Dutch civil service pension fund, has been named director of portfolio management. He would head Heitman’s pan-European asset management team.
An ABP spokesman said Spencer had been replaced by Puay Ju Kang from GIC.
The move follows the departure of Christopher Merrill, managing director of Heitman’s international business. IPE understands that Merrill has left to join a family office.
Spencer had joined Heitman as portfolio manager for the new €350m Heitman Europe Property Partners III fund. He continues in that role and is based in Warsaw.
Heitman also named London-based four-year company veteran Edward Kisala as director of acquisitions, to manage the western and central European acquisitions team.
“These promotions confirm our confidence in both Ed and Otis and our expectation that they will make significant contributions to the success of our firm,” said Gordon Black, managing director of Heitman International Private Equity.
Heitman manages around $13.1bn of real estate assets in the US and Europe.