CBRE announced the appointment of Michael Atwell as Head of Capital Markets for Central and Eastern Europe (CEE), further strengthening CBRE's market-leading CEE business and enhancing the integrated local and cross-border services it offers to clients across the region.
In his new role, Michael will continue the recent successes of the CBRE Capital Markets team across CEE. In 2011 CBRE completed many major CEE transactions including the sales of Molo Shopping Centre (Poland), Atrium International Business Centre (Poland), and Pfizer HQ (Czech Republic), and the acquisitions of Palac Flora (Czech Republic), Mall of Sofia (Bulgaria), Focus Filtrowa (Poland), the Carpathian Portfolio, Marynarska Point, and Moniuszki Tower (Poland).
Total commercial property investment activity in CEE increased to 11.2 billion in 2011, with 70% of all transactions involving foreign capital. As investor interest spreads to a wider range of countries, and into regional cities, investors are increasingly looking for knowledge of and access to multiple markets across the region. CBRE's CEE cross-border investment team fulfills clients' needs for a complete regional perspective, linked into a wider global network, and works with the company's local capital market specialists to deliver complete advice and execution services.
Michael brings to CBRE more than 22 years of experience in the real estate market, most recently as Partner and Head of Cushman & Wakefield's Middle East operations based in Dubai and Bahrain. Prior to his role in the Middle East, Michael spent nine years in central Europe in both Hungary and Poland, rising to the role of Head of Capital Markets for Poland and CEE at Cushman & Wakefield. During this time he was involved in some of the highest profile transactions in the region, including both the Metropolitan and Warsaw Trade Tower sales in Warsaw, and the Casino (Géant hypermarket) portfolio.
Michael succeeds Patrick O'Gorman who will return to CBRE's London office to take up the role in the Central London Investment team following four years in the CEE role.
CBRE established its CEE business in 1990. Today it operates out of 18 offices in 15 countries region-wide, providing capital markets, property and shopping centre management, valuation, agency, corporate and other services to a wide array of local and international clients. In June 2011, the business was recently expanded with the acquisition of Euro Mall Centre Management, a leading shopping center manager.
Stephen Hubbard, Deputy Chairman - UK & EMEA, CBRE, commented: "Under Patrick O'Gorman's stewardship, our experienced CEE capital markets team has grown its reputation and clear market leadership, as well as delivering significant transactional success for clients. I'd like to thank him for the contribution he has made to our many achievements in the region, particularly in challenging market conditions. I am delighted to welcome Michael Atwell to this growing team, whose considerable global and regional experience will further strengthen our ability to expertly serve clients in the CEE region."
Andreas Ridder, Chairman Central & Eastern Europe, CBRE, added: "With 2011 commercial property investment volumes in CEE doubling those of 2010 and now representing 10% of the total European investment market, the region is likely to see significant growth ahead relative to population, employment and economic potential. The increasing strength and breadth of our investment team in CEE means we are best placed to help clients to take advantage of the opportunities in this market. We are delighted to welcome such a high-calibre individual as Michael to our team to further consolidate our market-leading capital markets business."
Commenting on his new appointment, Michael Atwell said: "Given that most real estate investment markets in CEE are only scratching the surface of their full potential, investment activity is expected to grow significantly. I am excited to be joining the global leader and look forward to supporting our growing client-ba