David Kivell, former managing director of CBRE Global Real Estate Securities, has been hired by Perennial Investment Partners Ltd. as head of property investments to oversee a $1.8 billion portfolio.

Kivell replaces Stephen Hayes who has resigned “to take an extended break from work,” a Perennial statement says.

Kivell will manage a team of 10 investment personnel in Sydney, Hong Kong, the U.S state of Connecticut and Amsterdam.

“There are some great investment opportunities in listed property securities,” says Kivell in a statement.

Perennial “is well positioned to identify and capitalise on these opportunities,” he says. The company manages about $18 billion.