INTERNATIONAL ASSETS

Managing Assets Internationally

In addition to asset and investment management throughout New York and the entire U.S., Worldwide Realty Solutions also serves as an asset manager for many international clients. Specific examples of various property types and strategic situations around the world where exceptional results and significant value was added are:
  • Establishment and reorganization of a new senior management, new boards, and new executive committees in an Italian Non-Performing Loan (NPL) servicing company to instill more international management and incentive compensation practices throughout the organization of over 300 employees.
  • This also involved the management and operation of a distressed Italian bank and its ultimate turnaround and sale in 2007.
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  • Negotiation and establishment of the first hard asset operating joint ventures for Morgan Stanley Real Estate Funds (MSREF) in Italy, France, and Sweden.
  • These joint ventures were the first movers into Europe for MSREF and established the foundation for its growth from nothing in 1997 to over $30BN of assets under management in mid 2008.
  • In 2000 established a Morgan Stanley owned asset management subsidiary, Morgan Stanley Properties (MSP), in France, Italy, Japan, Korea and China. MSP ultimately managed over $50BN of assets in these diverse countries with over 250 employees by mdi-2008.
  • In 2009, established a new asset management company for Morgan Stanley in Germany called Argoneo. This grew from 5 employees in September 2008 to over 40 employees in 4 German cities by June 2009. This company managed over $7BN of assets in Germany until MS was forced by new US Regulations to sell it in 2011. It remains today as one of the “Best in Class” asset managers in Germany.
  • In 2013, engaged in a turnaround of a stalled and broken office development in Ankara, Turkey. The project was 2.5 years behind schedule and almost 100% over budget. Quickly replacing the local Project Manager and the lead management of the General Contractor, today the project is back on schedule with a much stronger controlled budget, executed leases, and with completion in June 2016.
  • In 2014 began an initiative to buy/build a Pan-Euro asset management platform for a well known German based private equity investor, FREO Group. By 2018 Freo had investment management companies in Spain and France, with new companies soon to be added in Italy and UK. Today, investments and assets under management are growing in all these new countries.
  • In 2018, Mike was engaged as a Partner and Senior Advisor by DEA Capital Real Estate, Italy, to help them expand their Italy-only investment and asset management business to countries outside of Italy. This began by immediately establishing and staffing companies in Paris and Madrid, where, within the first year, investments grew to over $300MM. A new $1BN Pan-European Value Add Fund is planned to begin fundraising in 4Q20/1Q21.
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