Fiera Real Estate announces Ben Coles as Chairman
Fiera Real Estate UK Limited, (“Fiera Real Estate”), the European real estate arm of Fiera Capital Corporation (“Fiera Capital”) (TSX: FSZ) with the USD119.7 billion AUM , has announced the appointment of Ben Coles as Chairman, succeeding Ray Palmer, who moves to a non-executive position on the Board. The appointment reflects the next phase of Fiera's growth strategy as the platform continues to expand its presence across the UK and Europe.
Ray Palmer founded Palmer Capital in 1992, which later became the European arm of Fiera Real Estate, following a partnership in 2019. Under his leadership, the platform grew significantly through a differentiated operating partner model, holding stakes in nine specialist property companies to originate and develop investments across targeted sectors. Palmer will continue to support the business in a non-executive capacity, maintaining a close involvement with the firm's current and long-term strategy.
Coles brings over 25 years of real estate experience to the role, including 22 years at Wrenbridge, 15 of which as its CEO. During his tenure, Wrenbridge, a Fiera Real Estate operating partner, evolved into a leading cross-sector developer and investor, delivering more than 10 million sq ft of projects with a combined value exceeding £4.5 billion. He steps down as CEO of Wrenbridge, with the senior management team assuming day-to-day leadership of the business.
His appointment comes at a period of significant momentum for the Fiera Real Estate. Led by Head of European Real Estate Charles Allen, the business has evolved into a diversified real estate investment manager with almost £2.7 billion of assets under management across residential, logistics and debt strategies in the UK and Europe , forming part of a global real estate offering with approximately USD 8.7 billion in assets under management. In January, the business established an industrial development joint venture with Universities Superannuation Scheme, one of the largest private pension schemes in the UK. The firm continues to expand its private debt portfolio, having deployed over €400 million across the UK and Europe in the past two years, while its diversified living portfolio, including its property company network, manages more than 17,500 beds in total.
Ray Palmer, Non-Executive Board member, Fiera Real Estate, commented:
“It has been a privilege to lead the business from its origins as Palmer Capital through to the institutional platform we have built today as Fiera Real Estate.
“I am immensely proud of the team and the culture we have created. As the business continues to scale, this is the right time to transition to a non-executive role while ensuring continuity and stability.
“Ben is the outstanding candidate to chair the business. He has been deeply embedded within the Fiera ecosystem for many years, brings a sophisticated understanding of our operating partner model, and has a proven ability to scale platforms and cultivate enduring capital relationships. I look forward to supporting him, Charles and the wider team as the business accelerates its next chapter.”
Ben Coles, Chairman of Fiera Real Estate, said:
“It is an honour take on this role and build on the legacy created by Ray. Fiera Real Estate has developed a distinctive market proposition, underpinned by deep sector specialisation and a differentiated operating partner model that delivers for investors.
“There is real potential to expand the platform by increasing assets under management, broadening our geographic footprint, and deepening relationships with global capital partners. The business is positioned to capture large and complex transactions, while maintaining the agility that has defined its success to date.”
Charles Allen, Head of European Real Estate, Fiera Real Estate, added:
“Ray’s entrepreneurial vision and long-term stewardship have been instrumental in shaping Fiera Real Estate’s market leading position it finds itself in today.
“Ben’s appointment comes at an important point in our growth trajectory as we continue to scale the business and execute our high-conviction, pan-European strategy. With the depth of experience across our Board, executive team and operating partners, we are extremely well equipped for long-term success.”