LONDON-Cushman & Wakefield has named locally based Carlo Barel di Sant’Albano as CEO of the Europe, Middle East and Africa operations for the company, starting July 1. Paul Bacon, current CEO of the EMEA division, said in a recent statement that he plans to leave the firm in 2013 to start his own company.
Sant’Albano is currently the chairman of the C&W board of directors, appointed in March 2011. He was formerly the CEO of EXOR, which took over a major stake in C&W in March 2007.
Bacon, who is based in Milan, has served as the lead in the EMEA region since 2007. After July, he will continue to serve on the EMEA board for the company, and as the chairman of the boards for Italy, France, Russia and Germany. “I now look to realize my long-held ambition of establishing my own business and to work as a principal at this stage of my career,” Bacon said in the statement.
Glenn Rufrano, global president and CEO of the company, said that Bacon successfully led the Europe team during a particularly tough time for the region. Rufrano said in a separate statement today that he anticipates the global economy, including Europe, to strengthen during the second half of 2012. “There is now a growing sense of constrained optimism,” Rufrano said.
The company’s Global Economic Pulse report, released today, indicates that the Americas, Europe and Asia are all set for growth patterns in commercial real estate in the second half of this year. Asia will see a slowdown somewhat in its strong growth patterns and fundamentals have picked up in the Americas, with CRE activity in the United States forecast to increase by 25%, according to C&W.
Even Europe should see mildly positive growth. “While it remains incredibly hard to predict what may happen, the commitment of governments and institutions to resolve the sovereign debt crisis looks increasingly sufficient to keep the Eurozone intact – at least for now,” said David Hutchings, partner and head of the company’s European Research Group.
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