Sterling hires from PGIM to run asset management

Sterling Property Ventures has hired Duncan Holmes from PGIM Real Estate to head its new asset management arm. Holmes spent eight years at PGIM Real Estate, most recently as head of asset management overseeing a £5bn mixed UK portfolio. Earlier in his career he worked at M&G Real Estate and NB Real Estate. Adam Crickmore, board director at Sterling, said: “Our ambition is to have a minimum of £1bn of assets under management, so it’s important to get the right team on board. Duncan’s experience in asset management for major institutions will prove invaluable as we grow the business and seek to optimise the portfolios we manage.” Sterling set up its asset management and investment arm last year, having previously concentrated on development. The business acquired Mitchells & Butlers’ Birmingham headquarters from Legal & General in a £46m deal earlier this year, while its £236m acquisition of a mixed portfolio of seven assets from Blackrock, acting on behalf of British Airways Pensions Trustees, completed in June.