Lloyds Bank’s commercial banking division has further restructured its commercial real estate team with the creation of six new specialist teams.
This restructure follows the merging of the bank’s real estate global corporates and mid-market teams last September, which itself coincided with the departure of long-serving managing director and head of non-core real estate, Richard Dakin, who left to head up CBRE Capital Advisors.
Richard Heath, formerly head of relationship management, becomes head of listed clients. This team will support the bank’s relationships with publicly listed property companies leveraging our full suite of products to support clients’ growth strategies.
Madeleine McDougall, who joined as Lloyds’ head of origination in the global corporate real estate business last November from Deutsche Pfandbriefbank, will lead the institutional client team, which will work with financial sponsors, investment managers, sovereign wealth funds, insurers and other money managers active in real estate.
Gabrielle Berring, former head of the mid-markets team for London and the South East, will oversee the major private group team, which are comprised of high net worth individuals, families and partnerships.
Lloyds said in this morning’s statement that this client group was an “emerging area of focus” for Lloyds Bank’s commercial real estate business, recognising the scale of global wealth invests in the UK market.
Graeme Alfillle-Cook becomes head of the developers team, a specialist unit dedicated to supporting large-scale development across the UK, helping drive economic growth and job creation. Alfillle-Cook was previously a relationship director within the global corporates business.
Marty Green, who had previously led Lloyds Bank’s mid-markets commercial real estate team, will head-up the private real estate corporates unit. Green will oversee relationships with a broad array of real estate businesses and entrepreneurs in London and across the UK regions.
Finally, Pierre Gervasi will remain the head of international based at Lloyds Bank Commercial Banking’s Paris office.
John Feeney, managing director and global head of commercial real estate, Lloyds Bank Commercial Banking, said: “Our new structure is the result of a long-term strategic plan to align our business model to our clients’ needs and to the changing dynamics of the commercial real estate finance market.”
Feeney leads the team and continues to report into Clare Francis, managing director for Global Corporates.
He added: “We have moved to a model centred on six individual specialist teams that we are aiming to establish as centres of excellence. This will allow us to deepen and enhance our interactions with defined market categories.
“The leadership team supporting me are ideally placed to help deliver the next phase of our growth. A key part of this will be continuing to focus on delivering innovative and tailored solutions to clients that can blend balance sheet lending with access to a suite of sophisticated debt products and other financial services from across the group.”
The new operating model will be fully implemented from April. Lloyds Bank Commercial Banking’s SME real estate business will continue to operate as a separate team.
Last Friday, Lloyds posted its annual results in which the bank reported that its combined gross UK and Irish commercial real estate lending fell by £8bn to just £5.1bn at the end of 2014.
Lloyds reported that Irish commercial real estate exposure had fallen by £3.7bn to £1.8bn. In addition, gross exposure to UK commercial real estate lending fell by £4.3bn to £3.3bn.
Separately, Lloyd’s net UK commercial real estate in its Commercial Banking division fell £1.8bn to £17.9bn in 2014, as the net result of new business and repayments over the year.