Troubled French REIT Gecina has appointed a new CEO

Troubled French REIT Gecina has appointed a new CEO, Christophe Clamageran, to take over operations under Joaquin Rivero, the highly controversial chairman and major shareholder of the second largest REIT/SIIC by assets. Clamageran is due to take up his position in January after resigning as CEO of Hammerson France. His career has also spanned major positions with realtor DTZ and BNP Paribas Real Estate. He takes over from Antonio Truan, who has resigned. Gecina is the object of a number of judicial investigations in France focused on recent decisions by Rivero, former chairman of Spanish listed property group Metrovacesa before he was pushed out in a long boardroom battle two years ago. The actions, begun by a shareholder activist group, include complaints over Gecina's purchase of 49% in Spanish property company Bami, controlled by Rivero and his long-time associate Juan Bautista Soler - also a major shareholder in Gecina - and an investment in a Luxembourg holding company, which is unexplained and seems to offer negligible returns.