M&G has promoted Martin Towns (pictured) to global head of its $42bn (£31.9bn) real estate business.
He replaces Tony Brown who is retiring after a 35-year career in infrastructure and real estate investment, 11 of which were spent at M&G.
Towns’ new role comes into effect on 1 July. He has worked at the asset manager for 15 years, first as a fund manager and most recently as deputy global head of M&G Real Estate.
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He presided over M&G’s entry into the residential sector in 2013 and establishment of its capital solutions business in 2015.
M&G said he also played an instrumental role in the majority acquisition of BauMont Real Estate Capital as part of the firm’s objective to strengthen its position in private assets in Europe.
“As we enter this dynamic next phase of the property cycle we see many compelling new opportunities across global markets, which our teams are ideally placed to tap into,” said Towns. “I am excited by the opportunity this brings for us as a major investor as we look to further cater to the fast-evolving needs of our investors.”
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Brown added: “Reflecting on my time in the real estate industry has been immensely gratifying. I’m also very proud of the talent we have within the business and with Martin driving future growth and innovation, I’m sure he will take M&G Real Estate to even greater heights.”
M&G Real Estate is part of M&G’s $93bn private markets division and invests across both equity and debt strategies.
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