Situs, the global commercial real estate advisory, asset management and loan servicing firm, has been appointed to loan service and asset manage the former Eurohypo’s $2bn US property loan book.
The legacy Eurohypo loan book is geographically spread across the 20 largest cities in the US.
This is the third German bank to outsource its loan book to Situs to manage, following the transfer of Deutsche Bank’s European CMBS loan servicing platform, DECO, and a portfolio of loans from HSH Nordbank.
Hugo Raworth, managing director at the Situs Companies, said: “This deal provides further endorsement for Situs’ growing platform business, which is looking to continue its expansion in Europe.”
Steve Powel, president of Situs, added: “We have been continuing to expand our asset management business over the past four years through a series of acquisitions and partnerships.
“The primary contributor to our success has been our flexibility to adapt to our clients’ specific strategic objectives and the comprehensiveness of our professional services platform. Since Situs was acquired by Helios AMC in 2011, assets under management have grown to more than $75bn.”
Situs, is a Lewis S. Ranieri Company, owned through Ranieri Partners.