Standard Life Investments has recruited Deutsche Pfandbriefbank’s Neil Odom-Haslett as its head of commercial real estate lending, spearheading the global asset manager’s entry into UK senior debt lending.
Odom-Haslett, who worked in real estate credit risk management at PBB, will be responsible for all aspects of the Standard Life Investments commercial real estate lending platform with a focus initially on good quality senior secured loans in the UK.
CoStar News understand that Standard Life Investments’ business model will centre on deploying capital from the wider life insurance businesses annuity book, seeking to match its long-term pension liabilities.
The business model is similar to that employed by Legal & General Investment Management, which entered UK senior lending in early 2011.
Odom-Haslett, who takes up the new role at the end of August, will report into David Paine, head of real estate investments and will be based in London.
Paine said: “The real estate lending market across Europe is continuing to experience a structural shift as non-bank lenders increase their market share in seeking to address the imbalance between supply and demand for real estate debt.
“This development has been fuelled by growing interest from institutions in the asset class as they look to further diversify their fixed income and real estate portfolios whilst maintaining and often enhancing yields and risk adjusted returns.
“Over the past 12 months we have been working closely with our colleagues in Canada to develop a platform capable of originating and supporting commercial real estate loans in the UK, drawing upon their considerable knowledge, experience and capability in the asset class built up over many years.
“Neil has 31 years of experience in commercial real estate and corporate lending developed across a broad range of roles both in the UK and across other European markets.”
Odom-Haslett’s career in real estate lending dates back to the mid-1990s, and has spent more than the last decade in real estate origination.
At PBB, where he worked for six years, Odom-Haslett was focused on real estate debt and equity restructurings in UK, France and Spain, as well as originating senior and mezzanine loans for in the UK and Nordics markets.
Prior to which, Odom-Haslett worked in an origination role at RBS for two and a half years, and at Eurohypo for the previous four and a half years.
Standard Life Investments much anticipated entry in UK real estate lending, likely to be followed by a medium-term move in Northern Europe, builds on more 50 years of commercial real estate lending experience in Canada established by Standard Life,