Richard Dakin is joining CBRE Capital Advisors as a managing director after ending a 30-year career with Lloyds earlier this month.
Dakin’s joining CBRE Capital Advisors as Managing Director sees Philip Cropper promoted to Chairman of the division with a focus on managing current client relationships and business development.
Dakin will also become a member of the CBRE UK’s Strategy and Management Board.
He is also a Non-Executive Director of Derwent London and a Fellow of the Royal Institution of Chartered Surveyors, an Associate of the Chartered Institute of Bankers and an Associate Member of Corporate Treasurers.
Philip Cropper, Chairman, CBRE Capital Advisors, commented: “Richard is a great hire for our division and will significantly strengthen our leadership team. His ability to manage growth and large teams as well as his experience in commercial and corporate banking will accelerate our expansion.
“Richard brings unique insight and contacts gained while deleveraging the Lloyds Banking Group PLC Real Estate loan book, one of the most complex asset books in the market. This unparalleled level of knowledge will be of significant advantage to our clients and CBRE as a whole.”
Richard Dakin, Managing Director, CBRE Capital Advisors said: “The team at CBRE is hugely talented and I am excited to be able to be part of their next stage of growth. More and more businesses recognise the value of working with advisors who combine deep property insight with exceptional financial capability and CBRE Capital Advisors is in a unique position to offer both to its clients.
“We want to build our reputation as the trusted advisor for real estate capital services known for our long lasting relationships with clients.”
Stephen Hubbard, Chairman, CBRE UK, commented: “We are delighted to announce the appointment of Richard Dakin, a highly accomplished real estate and capital markets advisor. Increasingly, we operate in a space where clients need deep financial advice and insight, which is why Richard’s expertise and leadership skills will be invaluable to accelerate our growth into the future.
“He will have a key role in strengthening our team’s financial expertise and expanding our capability so we meet clients’ needs. We are highly ambitious for what can be achieved as we see clients increasingly turning to us for complex financial solutions combined with our second to none understanding of the property market.”
For the last five and a half years, Dakin led the deleveraging of the Lloyds Banking Group’s non-core commercial real estate assets, which reduced from a peak of £45bn in 2009 to its current book size of less than £5bn.
Under Dakin’s leadership, Lloyds led the trend in loan portfolio sale deleveraging, starting with the sale of its maiden NPL, the £923m Project Royal, to Lone Star for just under £550m in December 2011.
This was followed the next summer by a second UK NPL sale, the £625m Project Harrogate to Oaktree for circa £260m, and then the bank’s first Irish NPL sale, the €361m Project Prince, to Kennedy Wilson and Deutsche Bank for €61m.
Lloyds thereafter accelerated its disposal program, selling a further four UK loan portfolios – projects Forth, Thames, East and Avon – with gross liabilities of £2bn, three Irish NPLs – project Pittsburgh, Lane and the Moran Hotel loan – with gross liabilities of €2.32bn.
In addition, Lloyds sold six separate Continental NPLs – project Chamonix, Indie, Alpha, Charlie, Bravo and Aberdonia – which had combined gross liabilities of €3.1bn.