Neil Jones, co-founder and joint managing director of Luxembourg-based investment company Almacantar, has decided to step down from his executive role in the company to pursue new opportunities in Continental Europe. The move follows an extensive review of Almacantar's strategic direction, which has resulted in the decision to focus the company's operations on Central London.

Jones, a former Continental Europe director at Grosvenor, founded Almacantar in 2009 together with Mike Hussey, the former London chief of Land Securities. He led the capital raising effort for Almacantar, which resulted in firm capital commitments from three investors totalling EUR 175 mln in Q2 2010 and an additional conditional EUR 50 mln commitment from international investor, Exor.

He will continue to hold a shareholding in the company and remain on the board as a non-executive director.

'Given the way in which investors are allocating their capital to property companies, our shareholders have expressed a clear preference for a single City strategy and we have, therefore, made the decision to focus on London,' said Neil Jones. 'As a result,' he added, 'I have decided to pursue new opportunities in Continental Europe, which is where I live and where I have established a successful track record.'