Goldman Sachs is recruiting three executive directors and two associates as the US investment bank expands its teams across European real estate finance and special situations.
Jan Janssen, who has spent seven years as a director at Bank of America Merrill Lynch (BAML), is joining Goldman Sachs in the summer alongside former Lehman Brothers and JP Morgan banker, Philip Moore, who joins from DRC Capital.
In addition, George Molesworth from Santander’s structured real estate finance team and Brookland Partners’ Amar Majithia join Goldman Sachs’ real estate finance team as associates.
All four recruits will report into Ramon Camina-Mendizabal, head of real estate finance at Goldman Sachs.
In a separate hire, Goldman Sachs has also poached Deutsche Bank’s Paul Coles, where he worked under Charles Blackburn, to work within Goldman’s European Special Situations Group.
Coles will report into Tavis Cannell, managing director of European Special Situations Group at Goldman Sachs.
The recruitment drive is to bolster resources as the US investment bank seeks to build a number of major structured finance transactions, including Italy’s first securitisation in more than six years, €363m Gallerie 2013 S.r.l., which closed a considerable profit.
While Goldman is yet to close any of the major financing mandates it is currently working on – including in France, Germany and Spain – last December the US investment bank closed a €173.4m five-year senior loan to refinance Orion Capital Managers’ Puerto Venecia Shopping Centre and Retail Park in Zaragoza.
Goldman’s 60% LTV senior loan was priced at above 400 basis points, with syndication earmarked as its exit.
The limited quantum of debt still available in the Spanish and Italian markets continues to offer a credit premium relative to similar real estate risk in Germany and the UK. However, Goldman’s appetite remains pan-European and additional financing wins further into Europe are expected as the year progresses.
Goldman has seen some success this year within its European Special Situations Group (ESSG), having won three tranches in the fiercely-contested €9.3bn Project Stone, the legacy IBRC UK and Irish real estate loan book, as part of a CarVal Investors-led consortium.
The three Project Stone sub-pool wins – tranches 1, 2 and 4 – carried an approximate combined nominal value of €3.2bn, as revealed by CoStar News last month.
Goldman Sachs declined to comment.