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of the Group

Crescendo Real Estate was founded by Cabot Lodge, Dan Quai
and Crescendo Advisors International Ltd.

Having led large institutional real estate organizations, Mr. Lodge and Mr. Quai were responding to their desire to establish a more agile investment platform that sought to match their corporate and individual customer's needs with investor return requirements.

Cabot has over 37 years of real estate investment experience in the United States, the United Kingdom and Europe. He has run the corporate net lease business for two of the leading NYSE firms focused in this sector, where during his tenure, portfolio assets under management of such companies grew by a combined US $5 billion. Prior to co-founding CREP, from April 2010 to April 2012, Mr. Lodge served as President of W.P. Carey Limited, in charge of all European investments for W.P. Carey, Inc. (NYSE: WPC). From 2006 to 2010, he was Founder and Managing Partner of ARC Global Partners – a global diversified real estate investment and advisory firm. Prior to founding ARC, Cabot was Executive Vice President of iStar Financial Inc. (NYSE: SFI) where he co-headed the US $3.5 billion net lease financing business from 2000 to 2006 and served as a member of iStar’s board of directors....

H. Cabot Lodge III
Managing Partner 

Dan has 22 years of real estate investment, management and advisory experience. Prior to co-founding CREP in 2013, he was a co-founder, partner and shareholder in Captiva Capital Management Limited that was the investment adviser for a family of closed-end funds called Captiva Real Estate Funds. Captiva was originally a joint venture between Grove International Partners (formerly Soros Real Estate Partners) and Natixis Bank with offices in London, Hamburg, Milan, Paris and Luxembourg. Captiva managed more than €1.0 billion of equity commitments across three funds where he oversaw the acquisition and management of more than 1,700 properties valued at more than €8.0 billion across the United Kingdom and Europe.

Daniel Quai
Managing Partner
Matthew Gilpin
Chief Operating Officer
Managing Partner 

Matthew has 24 years of experience in establishing and managing investment funds, associated corporate structures and businesses in the UK, Channel Islands and continental Europe. Originally qualifying as an English Barrister, he later specialized in securities law, regulation and funds at SJ Berwin & Co – the leading European private equity law firm.


Moving into investment banking at CA IB (Creditanstalt / Bank Austria), he served as head of Equity Capital Markets Syndicate for Central & Eastern Europe directing £2bn worth of IPOs and secondary offerings before co-founding Emerging Markets Advisory Corporation (EMAC) – which became one of the largest foreign real estate investors in Croatia, Serbia, Slovenia and Georgia.

Matthew holds an MA in Jurisprudence (Law) from Oriel College, Oxford University and was called to the English Bar in 1993. He is a Fellow of the Royal Geographical Society.

Colin joined the Crescendo Group in 2020 and has 20 years of experience in financial markets, predominantly in sales and distribution. After stints with UBS, Goldman Sachs, JB Were and Lehman Brothers, Mr Frearson joined Nordea Investment Management's institutional sales business in London. He successfully raised assets and increased the firm's profile in the UK, Benelux and Scandinavian markets, among others. Most recently he had stints with a third-party marketing firm and also raised assets for a niche, boutique London-based fixed income manager. 

He graduated from the University of Adelaide in 1993 with a Bachelor of Economics. He also holds a Bachelor of Arts (History) from Adelaide. Mr Frearson is a CFA charterholder.

Colin Frearson
Director, Marketing & IR - EMEA

Thomas has 11 years of real estate investment experience. Prior to joining CREP in 2017, he spent three years at Cording Real Estate Group, a fully vertically integrated Northern European real estate investment management business. He worked as an Associate Director in the investment team focusing on portfolio management as well as underwriting of new investment opportunities in the UK, Germany and the Benelux Region.

Thomas Reckers
Director, Investments

Michael has 15 years of real estate experience. He was also a principal within a UK supported living business. Prior to joining CREAL, he spent three and a half years at Gatehouse Bank where he headed up the real estate finance division. Previous to this he worked in real estate teams within Investment Banking and Funds; more recently these were M&G’s real estate debt team and LNR’s investment team with a focus on non-performing loans. Michael is a Chartered Surveyor and holds an MSc and BSc in Finance and Economics.

Michael Dey

Nadjana has 7 years of experience. Before joining Crescendo Real Estate Advisors in 2020, she held Associate positions at Goldman Sachs and Lapithus Management with a focus on real estate as well as non-performing loan transactions.

Here, she worked on new investment opportunities across Europe as well as active portfolio management. Prior to this she was part of the investment team at Hoist Finance where she underwrote European non-performing loan portfolios.


Nadjana graduated from the University of Cambridge in 2013 with a BA Hons.

She also holds a Master’s degree from the London School of Economics.

Nadjana Stavenhagen
Vice President - Investments

Gordon has 5 years of real estate experience. Prior to joining CREP in 2019, he spent two years in PwC's Real Estate Capital Markets Advisory team. Here, Mr. Mugabi specialised in advising real estate companies on a number of capital market transactions from mergers and acquisitions to Initial Public Offerings (IPOs). 


Prior to joining the Real Estate Capital Markets Advisory team, he spent 3 years on PwC’s assurance graduate scheme where he provided audit and assurance services to real estate companies. Whilst on the graduate scheme he became a member of the Association of Chartered Accountants (ACA) as prescribed by the ICAEW.


Gordon holds an MSc in Real Estate Investment & Finance and BSc in Actuarial Sciences.

 Gordon Mugabi
Associate – Investments

Douglas is a member of Crescendo's Investment Committee. He is a co-Founder of Crescendo Capital S.A., a multi-billion investment advisor and merchant bank headquartered in Geneva Switzerland with over 16 years experience of investing across various asset classes, most recently with an emphasis on credit and real estate. Since 2008, it has augmented its advisory business to successfully focus on direct investments, primarily consumer and corporate credit and real estate. Crescendo seeks out highly successful and experienced operating partners with which to team in pursuing these hard asset classes, providing seed capital to the Funds, a middle and back office consisting of twelve experienced investment professionals, risk and operations management, credit underwriting and investor reporting.

Douglas Kalen
Senior Managing Director – CREP, CAIL

Ernesto has 20 years of real estate investment, asset management and advisory experience. He was formerly AM director for investments in Italy, France and Belgium for Apollo. Prior to that he was a principal at Captiva Capital Partners (formerly Natixis Capital Partners) where he led the investment activities in Italy and was board member of Mercurio AM SGR and of CDS Holding SPA, one of the major retail real estate developers in Italy. Prior to that he was with JER Partners, where he participated in real estate transactions in France, Italy and Eastern Europe. He started his career in Paris with CBRE Investors. Ernesto holds a B.Sc. in Business Studies from City Business School London and a MEB from City Business School London / ESCP European Business School. 

Ernesto Coppola

Consultant, Investments

Ralf is a real estate private equity professional with over 22 years of experience. During the course of his career at Nomura, Corestate, Tristan and Kildare, Ralf has played a senior role in at least 30 transactions with a total volume of €5.6bn. The scope of his transactions ranges from core-plus, value-add and opportunistic to special situations and corporate recovery. Most recently, he has held a senior executive role for a pan-European real estate firm with €4.2bn AuM, and executed on one of the first post-Lockdown NPL transactions in Europe.

A German national, Ralf has executed transactions across Europe and speaks German, French and English. Ralf holds a Master’s degree from the London School of Economics and a Doctorate from the University of Cologne.

Ralf Nöcker
Richard Ford
CFO Fund Finance,

Crescendo Services (Lux) s.à.r.l.

Richard has over 19 years experience, all focused on finance in the real estate, funds and alternative investment sectors.  Until 2017, Richard worked as a Finance Director at Norges Bank Real Estate Management, one of the largest Sovereign Wealth Funds.

During his tenure, Norges transacted over €20 billion of real estate transactions, and Richard also played a key role in building a global operations and finance platform for the business. Richard has worked extensively in the European, US and Asian market.

Prior to that Richard spent ten years at  Ernst & Young ‘s real estate team,  qualifying as a Chartered Accountant in 2004 and holds a full practising certificate from ICAS.



 Maxime Parent

Head of Fund Finance, Lux

Crescendo Services (Lux) s.à.r.l.

Maxime joined Crescendo in February 2020 adding to the team 12 years of experience in the Funds industry. Maxime started his career in 2007 at EY Luxembourg as an auditor, and joined Grosvenor in 2011, where his responsibilities in Financial Reporting, Compliance and Operations gave him an extensive view of the Real Estate Fund Management business, being part located in Paris and Luxembourg. Prior to joining the Crescendo Group, Maxime spent 2 ½ years at Savills Investment Management in Luxembourg in Fund Finance and Conducting Officer roles. Over the years Maxime has gained significant experience in the industry in most areas such as asset and portfolio management, financial reporting, compliance and risk from the Luxembourg perspective but also at a European scale.


Maxime holds an MSc in Business from Kedge Business School (Marseille) with an emphasis on Finance and Accounting.

Marius has 5 years of experience in corporate tax and accounting. Prior to joining CREP at the end of 2017, he spent four years at Alter Domus Luxembourg S.à r.l. a leading global service provider in Corporate Services and Fund Administration. Marius worked as an officer on the German Desk team as well as for the international Corporate Desk and assisted in establishing a Securitization Desk.  Prior to joining Alter Domus Luxembourg S.à r.l., he worked for several industry companies in marketing surveys and production analysis.

Marius holds a BSc in Business Administration from the University of Applied Sciences of Saarland and is educated as an International Financial Accountant. Prior to his studies in Business administration, he studied Macroeconomics and Politics.

Marius Bauer

Corporate Accountant, Funds

Crescendo Services (Lux) s.à.r.l.

David Leshnick
Finance Manager,


David Joined Crescendo in July 2020 adding to the team 5 years of finance related experience. David started his career at Deloitte LLP in London within the Private Markets/Equity Capital Markets division. After three years, David left practice and worked in the capacity of a private contractor for businesses across various industries in the capacity of a Financial Analyst. David assisted with the establishment of a private, family office, principle investment business in the UK, and has 2 years of experience of property related finance experience.


David holds a membership with the South African Institute of Chartered Accountants (SAICA), having qualified in 2019. He holds a Post Graduate Diploma in Chartered Accountancy, an Honours in Taxation and Bachelors of Commerce Degree from the University of Cape Town (UCT). During his time he completed a thesis on Real Estate Investment Trusts.

Mario has 4 years of experience. He started his career in a boutique law firm in Rome where he has assisted international clients in the field of international private law, corporate and civil law.

In 2018 he joined Intertrust Luxembourg as a Relationship Officer, where he worked with key clients and large corporations carrying out transactions in the fields of private equity and real estate in continental Europe.

He joined Crescendo in Luxembourg in May 2021 as Corporate Manager responsible for implementation and maintaining the good standards of the Luxembourg incorporated entities. 


Mario holds a master’s degree in law from LUISS G. Carli University in Rome.

Mario Pecora

Corporate Manager

Crescendo Services (Lux) s.à.r.l.