Renshaw Bay has recruited property lending and securitisation veteran Lynn Gilbert to spearhead the alternative investment manager’s European senior debt fund, CoStar News can reveal.
Gilbert is Renshaw Bay’s third hire since former JP Morgan real estate banker Jon Rickert joined Bill Winters’ start-up in February, following the appointment of Andrew Gordon from Lloyds Banking Group and former Fitch Ratings analyst and JPMorgan banker Katie Moretti.
Rickert is expected to complete three further hires by early July, taking Renshaw Bay’s European real estate team to seven, with expertise across, lending, structured finance, CMBS and RMBS, as well as in surveying, valuation and real estate risk.
Gilbert will retain her current non-executive role at Mount Street Capital, the private equity real estate firm run by partners Tom Rowley, Ravi Joseph and Bill Sexton.
Rickert is known to have a long-standing relationship with the principals of Mount Street, with the two firms exploring transactions together.
Mount Street invests in mid-market European commercial property investments across the capital structure from mezzanine debt to equity, and in various forms including direct property assets, loans, property companies and funds.
Gilbert is thought to be keen to return to lending, and brings to the new start-up a wealth of experience having set up Barclays Capital’s CMBS conduit programme, Eclipse, in her role as managing director and head of real estate for EMEA at Barclays Capital and Barclays Bank.
Prior to which, Gilbert was managing director and head of European CMBS origination at Morgan Stanley and head of property at Societe Generale.
Gordon project managed the assembly, bidding process and eventual sale of Project Royal at Lloyds Banking Group, working on a daily basis with Rickert and his former team at JPMorgan, which was mandated to an advisory role over the entire 18-month sale process.
Gordon, who will join in mid-June, will be responsible for asset management and execution.
Renshaw Bay’s senior debt ambitions extend to originating loans against Western European real estate – principally in the UK, Germany, France and Nordics countries – with flexibility to lend up to stretched senior terms.
Backed by Jacob Rothschild’s RIT Capital Partners and South African billionaire Johann Rupert’s Reinet Investments, Renshaw Bay is developing a number of European commercial and residential real estate strategies – including setting up a senior debt fund and a second fund which will invest in secondary, and eventually primary, CMBS and RMBS bonds, B-notes and mezzanine paper.