Stephen Eighteen, head of non-core real estate at the Royal Bank of Scotland is believed to be negotiating his exit from the bank, bringing to an end a 12-year career with the bank likely over the summer, CoStar News understands.
Eighteen has played a lead role in managing RBS’ real estate deleveraging which began in 2009, with non-core real estate exposure having fallen from £46.9bn at the first quarter of 2010 – when RBS first began disclosing the two separate loan books – to £36.3bn two years later, at the end of the first quarter this year.
A possible successor to Eighteen is thought be RBS’ Blair Lewis, CoStar News understands.
Reporting into Rory Cullinan, head of RBS’ multi-sector non-core division, Eighteen has been responsible for the formulation and execution of the bank’s real estate exit strategy, through as many as a dozen markets worldwide as part of RBS’ wider non-core disposal programme.
Eighteen’s career with RBS began after the bank’s takeover of NatWest in 2000, which he joined two years earlier to build new UK structured property finance team.
Following the takeover, Eighteen’s role continued within RBS’ Global Banking and Markets investment bank arm, with responsibility for writing bilateral and CMBS senior loans, mezzanine debt, as well as joint venture equity and principal finance.
In 2004, Eighteen was appointed head of real estate at RBS across UK and Europe and subsequently expanded the bank’s platform into the APAC region, opening real estate operations in Australia, Japan, China and Singapore.
Prior to RBS’ government rescue in October 2008, Eighteen was appointed global head of GBM’s real estate financing business.
The following established the specialist global real estate restructuring team for RBS before moving to the bank’s non-core real estate division in which Eighteen has sought to deleverage through a combination of consensual restructurings, enforcement and, so far, just one notable loan portfolio sale, the £1.36bn nominally-valued Project Isobel.
Eighteen sits on the Bank of England Property Forum and the PIA Property Debt Working Party
Prior to working at RBS, Eighteen worked at DTZ’s financial advisory team in 1995, advising real estate equity investors on the raising of debt, which he joined from Fennoscandia, a Scandinavian-owned UK banking group. Eighteen began his career in with Barclays in 1974.
Royal Bank of Scotland declined to comment.