Cerberus Capital Management has hired Austin Jordan and Kiril Petrov within its newly-established loan servicing subsidiary, as part of a team expected to swell further as the private equity investor readies resources ahead of deal flows across five major European markets.
Jordan, who joins from IBRC where he spent nine-and-a-half years, including at Anglo Irish, latterly in the component of IBRC which transferred to NAMA during 2010, will work within Cerberus European Loan Servicing (CES), which is the global private equity investors’ asset management subsidiary.
Latterly, Jordan focussed on IBRC NAMA loans, prior to which he worked for just over 18 months in Anglo Irish Bank’s UK debt restructuring unit.
Petrov joins from Morgan Stanley Real Estate Investing, where he was an associate for three years, and an analyst within Morgan Stanley’s investment bank for three years prior.
Jordan and Petrov will report into CES the co-heads Ron Coggle and Robert Falls, with Falls also a new joiner, moving across from MSREF, where he was an MD for 11 years.
Falls and Coggle, who joined Cerberus from Hudson Advisors back in February, both report into Ron Rawald, head of European real estate.
Petrov and Jordan will initially focus on the work out of Project Thames, the UK impaired loan portfolio won from Lloyds Banking Group two months ago.
Project Thames, Cerberus maiden European NPL win in this cycle, comprises 50 separate loans from 30 borrowers, with more than 70% of the loan in some kind of covenant default.
Cerberus has built up its new CES platform ahead of expected deal flow in the coming years in the critical final few years of European bank and “bad bank” de-leveraging, with the global private equity firm focused on five core markets: UK, Ireland, Germany, Spain and Italy.
This week, Cerberus won Project Monsoon, a portfolio of 10 Kaufland retail stores, which fell into administration last August, paying €224m and edging our Brack Real Estate.