Ara Adjennian has taken over the management of Mimco Asset Management, the new Paris-based subsidiary of the Luxembourg group. A new investment fund will be launched in France by the end of 2021-beginning of 2022.
Following the announcement of its arrival in Paris, the Luxembourg company Mimco has just announced the appointment of a managing director for its French subsidiary Mimco Asset Management. Ara Adjennian, 43, is an experienced real estate professional in Paris.
20 years of experience
"A recognized player in the real estate industry, Ara has over 20 years of experience in asset and fund management in the European commercial real estate market.", says Mimco which has obtained the approval of the AMF (Autorité des Marchés Financiers) at the end of May, as an AIFM (Alternative Investment Fund Managers) management company.
Prior to Mimco Asset Management, Ara Adjennian headed the investment team of DTZ Investors. During his career, he also headed the French office of US investment group THOR Equities and executed transactions in France and Europe.
His Linkedin profile further states that he is the founder and head of 3A Capital, a real estate investment firm since 2017.
The Mimco Group currently manages more than EUR 412 million of real estate assets in Europe with a team of 28 people, divided between Luxembourg, Germany and France.
"Our goal is to reach one billion euros in assets under management by 2024"Ara Adjennian tells Finascope.
4 employees in Paris, 3 in Nice
"Ten people are assigned to the activities of the Paris office, of which 4 are actually based in Paris, 3 in Nice and 3 in Luxembourg, the legal, financial and marketing managers"Ara Adjennian continues.
Fund management and club deals
"We have two businesses. The first is to raise funds from asset management companies, wealth management advisors, family offices and private equity funds to invest in specific pockets with well-defined strategies. We can also offer investors the opportunity to participate in single asset acquisitions via club deals.", continues the executive.
In France, real estate acquisitions will be made via club deals or through a new investment fund that is expected to be launched between late 2021 and early 2022.