Citigroup taps new head of real estate business

Citigroup has hired David Schaefer from Macquarie to be a managing director and head of Asia Pacific for its Citigroup Property Investors business. This division was set up one year ago by Joseph Azrack in New York and seeks to put the bank's capital to work by investing in global real estate equity. The group does not conduct advisory business although it might undertake management contracts on a selected basis.