Commercial Real Estate Finance Council Europe (CREFC Europe) named Peter Cosmetatos as its incoming chief executive officer yesterday, in an effort to bolster the trade association for global commercial real estate finance markets’ European leadership team.
Christian Janssen, chairman of CREFC Europe, said: “Today’s announcement concludes an exhaustive and thorough search for a chief executive officer of CREFC Europe and, on behalf of CREFC Europe’s directors, board of advisors, its members and staff, I am delighted to have Peter on board.
“Peter is uniquely placed to lead the association in Europe and address the key issues facing the industry.”
Peter Denton, who takes over the two-year chairmanship of CREFC Europe from Janssen at the end of this autumn’s annual two-day conference, said: “The board will be charging Peter to rapidly implement a number of initiatives to ensure CREFC Europe continues to represent its membership and the wider industry in areas such as education, regulatory matters, best practice and communication.”
“I very much look forward to working with Peter. Our industry is rapidly changing with a substantial lending diversification occurring framed by a still uncertain macroeconomic and regulatory backdrop.
Cosmetatos brings more than 15 years of experience in the property finance business, having held senior-level tax, legal and policy positions.
At the BPF, Cosmetatos was responsible for formulating and articulating property industry views on finance, tax and regulatory matters. In recent years, he developed a particular interest in financial regulation and the policy challenges arising from the real estate debt overhang.
In the years since the global financial crisis, CREFC Europe has played an instrumental role in articulating a consensus voice for the real estate finance markets, including assembling committees to tackle some of the industry’s biggest challenges.
In response to the collapse in confidence of the European CMBS market during 2008 and 2011, CREFC Europe assembled a working committee comprised of a cross section of stakeholder interests and established market principles for issuing “European CMBS 2.0.”
Cosmetatos said: “I would like to take this opportunity to say how much I’ve enjoyed the past five years at the BPF and what an excellent preparation it has been for this next challenge.
“I am very excited to be named chief executive officer of CREFC Europe and am relishing the challenge of building its membership, reputation and influence on the foundations that the existing team and the very committed individuals on its board have put in place.
“I look forward to getting to know the members and working with them and other stakeholders to create the conditions in which finance providers, their customers in the real estate industry and the wider economy can best flourish. I also look forward to working with the BPF, as I know how important real estate finance is for its members.”
Stephen Renna, CREFC US President and CEO, said: “Peter brings tremendous talent and experience to CREFC Europe. Building the global CREFC brand is a vital component of the CREFC mission. I look forward to working with Peter to elevate CREFC’s presence worldwide to new and exciting levels.”
Cosmetatos read Russian and Italian at Oxford and obtained a Masters in Soviet Studies before qualifying as a lawyer and working for 10 years at Freshfields Bruckhaus Deringer, specialising in real estate and real estate finance tax.
Ion Fletcher will succeed Cosmetatos as BPF’s director of finance in September. Fletcher has spent three years as senior policy officer at the property trade association, having previously held positions in Ernst & Young’s real estate and construction team.