Prudential Real Estate Investors announced today that Eric Adler has been named CEO of Prudential Real Estate Investors, succeeding Allen Smith. PREI, among the largest real estate investment management and advisory businesses in the world, is a business of Prudential Financial, Inc. (NYSE: PRU).
Smith, after 26 years of service, has announced plans to leave the company to become president and CEO of Four Seasons Hotels and Resorts. He will remain with PREI to assist with the transition until Adler takes the helm in September.
Eric AdlerAdler, currently PREI’s chief investment officer, joined the company in 2010 as head of its European operations. He was promoted to chief investment officer in January 2013 to oversee the company’s global investment and risk management processes as part of the company’s long-term succession plan. As CIO, he serves on PREI’s Global Management and Global Operating Committees and chairs the Global Investment Committee.
“Eric has proven himself a terrific leader, working closely with Allen to position the firm for growth around the world,” said David Hunt, CEO of Prudential Investment Management. “While we will miss Allen and wish him all the best in his new role, I am thrilled to have the depth of management talent that enables us to continue to build our business. Eric’s knowledge of global real estate markets brings a fresh view that will help us strengthen our current client relationships and build new ones as we seek to expand PREI’s business, particularly beyond its strong, well-known U.S. franchise.”
Before joining PREI, Adler, who was raised in the U.S, co-directed Tishman Speyer’s European activities and was a member of its Global Management and Investment committees. Earlier, he led Morgan Stanley’s MSREF’s activities in Germany, France, Italy and Spain. He also had overall operational responsibility for MSREF’s Special Situations Fund II. Before that, he worked for Credit Lyonnais and Unibail in Paris.
Adler graduated summa cum laude from the University of Arizona. He also holds a graduate business degree from HEC Business School in France.
PREI, which has been investing in real estate on behalf of institutional clients since 1970, is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Frankfurt, Paris, Istanbul, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of March 31, 2013, PREI managed approximately $53 billion in gross real estate assets ($37.3 billion net) on behalf of more than 490 clients worldwide.