Citigroup taps new head of real estate business

Citigroup makes up ground lost to its rivals by appointing a new head of its real estate principal investment business in Asia.

Citigroup has hired David Schaefer from Macquarie to be a managing director and head of Asia Pacific for its Citigroup Property Investors business. This division was set up one year ago by Joseph Azrack in New York and seeks to put the bank's capital to work by investing in global real estate equity. The group does not conduct advisory business although it might undertake management contracts on a selected basis.

Schaefer joins from Macquarie where he worked for the last five and a half years. In that time he rose to be the head of the Australian bank's Asian property business, first in Korea and then most recently last year moving...

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