Laurent Flechet has left French fund manager Ciloger to lead the newly created real estate investment management arm of Primonial Group. Flechet, who headed Ciloger's management board for the past five years, is assuming the position of Chief Operating Officer of Primonial Group and responsible for real estate activities. He will report directly to president André Camo.

Primorial received the green light from the AMF stock market regulator in May this year for the management of SCPI investment vehicles. Primorial is 75%-owned by Neway holding and 25% owned by Naxicap Partners, a unit of Natixis.

Ciloger has appointed La Banque Postale's executive committee member Daniel Roy as interim chairman and a new permanent chairman will be appointed shortly.

Ciloger manages SCPI and OPCI investment vehicles marketed through the agencies of Caisses d'Epargne and La Banque Postale.