Cyril Courbage, managing director and European head of real estate at Deutsche Bank resigned this week, marking the departure of four of its most senior European commercial real estate bankers in the last seven months.
Courbage’s exit is thought to be amicable and he is expected to remain at Deutsche Bank until then end of September to aide with succession planning.
In August, Heath Forusz, the former head of EMEA commercial real estate capital markets who spearheaded the sale of the first European CMBS in almost four years, left Deutsche Bank, while Chris Dunn, the former head of commercial real estate lending in EMEA, chose to relocate back to New York, making way for thereturn of Don Belanger in May from UBS for his second stint at the bank.
The reorganisation within Deutsche Bank’s global real estate team kicked off with the surprise departure of John Nacos, which led to the division of the bank’s real estate finance team back to its previous European and US focus, with Courbage and Jonathan Pollock heading up the divisions respectively, under global head of structured credit Elad Shraga.
Shraga has been looking to integrate the European and US real estate finance operations into his wider global structured credit solution division, which he believes will better enable Deutsche Bank to exploit untapped synergies, particularly around the bank’s segregated distribution networks.
No decision has been made on Courbage’s successor at the top of the European commercial real estate team, which could either be internal, external or even a transfer from Shraga’s division in New York.
The senior team in Europe – at managing director level – now consist of Belanger, Clive Bull, Steve Williamson and Clark Coffee, while Bhavesh Patel, a director, is understood to have been promoted to some of Forusz’s former responsibilities.
Sources close to Courbage said he had been considering the timing of his departure for some time, although he is not thought to have a new role to step into, with market rumours of him joining Wells Fargo or Russian Bank, VTB Capital, where Nacos has been tipped to be joining, are wide of the mark.
Courbage’s brings an end to a 10-year career at the German lender, with the principal motivation for seeing out the final month of his term thought to be to help with the bank’s succession planning.
Deutsche Bank have been one of the most active European lenders in 2011, including leading the financing of Blackstone’s Mint hotel portfolio, which CoStar News exclusively revealed on August 24.
Prior to Deutsche Bank, Cyril spent seven years at Merrill Lynch in New York and London, initially focusing on distressed debt and more recently as a director in the real estate principal investment group.
“There is real strong support for the commercial real estate business within Deustche Bank, and this is not a signal of more changes to come,” said a person familiar with the situation.
Deutsche Bank declined to comment.