Thomas Wels. Credit: PATRIZIA

PATRIZIA appoints Thomas Wels as Co-CEO

Thomas Wels will be responsible for the development of PATRIZIA’s growing and diversified platform business and support the expansion into new business areas and international markets.

The Supervisory Board of PATRIZIA AG, the global partner for pan-European real estate investment, announced the appointment of Thomas Wels as new Co-CEO of PATRIZIA. Previously he served as Vice Chairman and Senior Advisor for UBS Asset Management. The former Head of Global Real Estate of UBS Asset Management will be responsible for the further development of PATRIZIA’s growing and diversified platform business and support the expansion into new business areas and international markets. Wels will assume responsibility as Co-CEO effective 1 May 2020.

“With his broad leadership experience, international network and proven entrepreneurial skills, Thomas is ideally qualified to lead the further development of our business operations and help us become more agile and strengthen our local expertise. In addition, Thomas will develop strategies to accelerate the industry consolidation including our move into new real asset classes and business areas and to further strengthen our client centric approach globally,” said Wolfgang Egger, CEO of PATRIZIA. “This in turn will allow me to further deepen the dialogue with our investors in key markets across Europe, America and Asia, and to focus on strategy development for innovation and cutting-edge technologies with the clear goal to lead the transformation of our industry.”

Thomas Wels is an internationally experienced executive who worked for 15 years at UBS Asset Management where he held various positions including Head of Global Real Estate and Chief Operating Officer until 2019 and helped to build UBS global Real Estate & Private Markets arm to more than USD 100bn assets under management. “I am very excited to join PATRIZIA and look forward to working with the whole management team to further develop the organisation to support PATRIZIA’s ambition to become the leading global partner for real assets,” said Thomas Wels. “I look forward to help strengthen PATRIZIA as an independent real estate investment manager with a proven track record of 36 years and a unique entrepreneurial spirit that will shape the fundamental transformation of our industry and offer even more attractive investment opportunities for a broader and more international client base.” 

Management Board member and COO Klaus Schmitt has decided to leave the company to explore new career opportunities. He will support the transition phase and stay on in an important consulting role until the end of his term in December 2020. “On behalf of the entire Management Board I sincerely would like to thank Klaus for the many years of trusted cooperation. He played a key role in the development and design of a strong pan-European organisation and in successfully managing PATRIZIA’s operations over 17 years. I am very grateful that he will continue to support us in a consulting role,” added Wolfgang Egger. 

Klaus Schmitt said: “It was great to be part of such a strong team and to build a strong pan-European organisation that is managing more than EUR 44bn assets under management with a global presence on four continents. Now I really look forward to exploring new horizons and would like to thank all PATRIZIAns for their strong support and commitment during our tremendous growth journey.”

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