Patriciu confirms the creation of a real estate consulting group

Billionaire Dinu Patriciu confirmed today the formation of a real estate consulting group resulted from the merger between Quintet Asset Management and Black Sea Global Properties. The new company, DinuPatriciuGlobalServices will handle a real estate portfolio of €1.3 billion.

“After Dinu Patriciu Global Properties (DGSP), formerly known as Black Sea Global Properties, acquired several real estate properties worth around €1.3 billion, we combined the resources of Quintet, the adviser in the transactions, with the best members of DPGS to manage and develop these portfolios in the coming years”, DinuPatriciuGlobalServices said in a press release.

Wall-Street wrote at the end of last week about the merger between Quintet Asset Management, launched at the beginning of 2009 by Michael Lloyd, the former head of Baneasa project, and Black Sea Global Properties, held by businessman Dinu Patriciu.

“The group will conduct operations in Bucharest, Frankfurt, and London, being specialized in property management, investment advisory and development management. In Bucharest, DPGS will be headed by Paul Philips”, the company said in an internal announcement.

British Michael Lloyd, who headed Baneasa project in the northern Bucharest for the eight years, launched Quintet Asset Management in February 2009. Lloyd signed off as chief executive of Rutley European Property Limited, held by Dinu Patriciu in March last year, as well as head of Quintet.

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