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.

Mr. Lodge has over 37 years of real estate investment experience in the United States, the United Kingdom and Europe. Mr. Lodge 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, Mr. Lodge was Founder and Managing Partner of ARC Global Partners – a global diversified real estate investment and advisory firm. Prior to founding ARC, Mr. Lodge 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 

Mr. Quai 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 Mr. Quai 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

Mr. Gilpin 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), Mr. Gilpin 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.

Mr. Gilpin 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.

Matthew Gilpin
Chief Operating Officer
Managing Partner 

Mr Frearson 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. 

Mr Frearson 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

Mr. Reckers 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. Mr. Reckers 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

Mr. Dey 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 Michael 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 Day

Ms. Stavenhagen 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, Ms. Stavenhagen 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.


Ms. Stavenhagen 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

Mr. Mugabi 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 Mr. Mugabi 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 Mr. Mugabi became a member of the Association of Chartered Accountants (ACA) as prescribed by the ICAEW.


Mr. Mugabi is currently studying for a MSc in Real Estate Investment & Finance at the University of Reading, and holds 1st Class BSc (Honors) in Actuarial Science from the University of East Anglia.

 Gordon Mugabi
Associate – Investments

Mr Kalen 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

Ralf Nöcker is a real estate private equity professional with over 20 years of experience. During the course of his career at Nomura, Corestate, Tristan and Kildare, Ralf has played a senior leasing role in at least 24 transactions with a total volume of €4.3bn. The scope of his transactions ranges from core-plus, value-add and opportunistic to special stations and corporate recovery. More recently he has held a senior advisory role for a Eurobond programme of in excess Euro 1.0bn. He also acts as responsible decision maker for a development scheme in Berlin with an NLA of in excess of 103,000m2.

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 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.

 Maxime Parent

Head of Fund Finance, Lux

Crescendo Services (Lux) s.à.r.l.

Mr. Bauer 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. Mr. Bauer 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.

Mr. Bauer 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 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.

David Leshnick
Finance Manager,


Ms Nedog has more than 20 years of experience as paralegal and adminstrative assistant in different industries and across several jurisdictions.  Prior to joining CREP, she worked at Rathbone Trust Company SA in Geneva and Citco Corporate & Trust (Luxembourg) SA, among others.  As a Consultant, she provided assistance to several Private Equity and Real Estate companies, in addition to being the Founding Member and PR Director of the Brazilian Chamber of Commerce in Luxembourg (CCBRALUX). She graduated from Law in Brazil at the Universidade Metodista de Piracicaba (UNIMEP).

Cândida Nedog

Finance Administrator 

Crescendo Services (Lux) s.à.r.l.

© 2019 Crescendo Real Estate Advisors LLP   All Rights Reserved.

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