Qatari Diar UK chief executive Michael Patrizio is stepping down and leaving the company next week.
New York-born Patrizio will leave the role, to which he was promoted in June 2013, on 31 January. He will return to the US due to on-going family concerns.
Patrizio leaves after a successful five-year stint with the global real estate business.
Sheikh Jassim bin Hamad Al Thani, regional director Europe and chairman of Qatari Diar UK, will take on chief executive responsibilities on an interim basis.
Al Thani said: “We are sorry to see Michael go but fully understand his reasons and respect his decision. I extend my personal thanks to Michael for his commitment to date and for his contribution to a team that has achieved significant milestones over the past 18 months in London.”
Patrizio added: “I am departing a company that is in excellent shape and am confident that Qatari Diar UK will continue to achieve great things in the future.”
His departure comes at a busy time for the UK branch of Qatari Diar Real Estate Investment Company – a wholly owned subsidiary of the Qatar Investment Authority.
In London QIA and Brookfield Property Partners have been in the limelight for offers to take over Songbird Estates – the main owner of the Canary Wharf financial district – while in May last year it secured planning permission for the first phase of its £3bn redevelopment of Chelsea Barracks, SW1.
joanna.bourke@estatesgazette.com
