GE Capital Real Estate has announced the promotion of Xabier Barrondo to Western Europe cluster leader and managing director for France. In this new position based in Paris, Barrondo will manage GE Capital Real Estate's EUR 4 bn regional portfolio and lead France, Spain and Italy with a direct oversight of the French platform.

Barrondo comes to this role following an assignment as managing director for Iberia and has been with GE Capital Real Estate since 2005. Since that time Barrondo has been directly involved in the significant growth of the company portfolio in the Iberian region and has successfully increased the team five-fold in line with the recent expansion in this market.

In his new role as Western Europe Cluster Leader, Barrondo will be managing GE Capital Real Estate's EUR 4 bn portfolio and optimising its performance. He will be supporting future investment management growth and leading the sustainability agenda, in line with the company's strategy and values.