Morgan Stanley hands Niall O’Rourke European commercial property remit

Morgan Stanley has appointed managing director Niall O’Rourke to cover commercial real estate finance in the UK and Europe, as part of an existing wider beat within the US investment bank’s fixed income division (FID) sales and trading.

Morgan Stanley (correct)O’Rourke, who has been with Morgan Stanley since September 2006, will take on responsibility for commercial real estate financings, in addition to his existing fixed income structuring role, filling the gap left by Matt Weir, who resigned in early May to move to Goldman Sachs.

In January, O’Rourke was one of 144 members of Morgan Stanley’s staff to be promoted to managing director.

Morgan Stanley returned to real estate lending in January after a short-lived planned European exit, financing Blackstone’s £265m ambition acquisition of the Adelphi, from Istithmar, Dubai’s investment fund, with a £190m five-year senior loan.

The majority of the senior debt was syndicated, with AIG taking around £80m, BAWAG taking £50m, while Insight Investments and Aalto Invest each taking around £25m.

Meanwhile, executive director Andrea Bora has left Morgan Stanley, switching to Goldman Sachs for a syndication role within the bank’s real estate finance team.

Morgan Stanley and JPMorgan funded the €2.3bn bridge loan to Deutsche Annington yesterday, which was preceded by the launch of two separate corporate bond issuances: a three-year €700m unsecured bond, paying a coupon of 2.13%, and a six-year €600m issuance, paying a coupon of 3.13%.

The two bonds, guaranteed by Deutsche Annington Immobilien SE and certain of its subsidiaries, will repay part of the drawn €2.3bn bridge loan when the close, which in turn will contribute to the refinancing of the GRAND CMBS.

Morgan Stanley and JPMorgan are acting as bookrunners for the new issuance and are currently conducting investor meetings.

Morgan Stanley and Goldman Sachs declined to comment.

About CoStar News

Finance Editor, CoStar News
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