Bennison joins Park Street Advisors as a partner and Head of Property, he will join Christian Mathews, Hallur Thordarson and Aki Scholl as part of the senior team. Park Street Advisors was founded by Pradeep Pattem, former EMEA Head of Mortgage and Credit Markets at RBS in March 2014, who is Chief Investment Officer.
Bennison’s role will encompass origination, due diligence and preparing and implementing all real estate business plans through the full life cycle of each investment.
He has more than 20 years’ international experience across all key property sectors within the real estate industry, predominantly the UK, Continental Europe, Scandinavia and Ukraine.
At Mapeley, Bennison was responsible for a team of more than 25 professionals undertaking investment origination, disposals, asset management, development and leasing work streams across Mapeley’s 1.3m sq m nationwide estate.
Prior to Mapeley, Bennison was property director at London & Regional, handling a wide range of real estate activities in the UK and Europe, and at CBRE, acting on behalf of international and domestic institutional clients.
Bennison has transaction experience spans acquisitions, leasing, development and asset management across commercial and residential developments in London and the UK. He has also overseen major asset repositioning, such as transforming the former Empire nightclub in Leicester Square into a world class casino leased to LCI.
In Germany, Bennison was part of the team which purchased and sold on a forward funded supermarket development pipeline in Germany, let to Plus, Lidl and Edeka.
He also led the acquisition and eventual disposal of ‘Ten Towers’, a large prime office development let to Deutsche Telekom in Munich, the purchase of Frankfurt’s Hilton hotel and the sale and leaseback of the nationwide ATU portfolio across Germany.
Pradeep Pattem, Founding Partner and Chief Investment Officer at Park Street Advisors, said: “I am delighted to welcome Phillip Bennison to Park Street Advisors, he brings a wealth of Real Estate experience to complement our team.
“Over the next three to five years, Park Street sees significant requirements for new capital and solutions to stabilise and resolve challenges associated with legacy capital structures and business plans for real estate assets across Europe.
“We have seen significant reduction of portfolio sales with vast majority of remaining assets requiring bespoke solutions. We also see opportunities to work together with large PE funds in provision of capital and expertise for single loan and asset workouts.
Phillip Bennison, Partner and Head of Property at Park Street Advisors, said: “Whilst we are keen to identify opportunities trading in conventional European real estate markets, Park Street has an unrivalled combination of banking and origination expertise.”
“This enables us to access opportunities, usually denied to conventional real estate investors, because we can efficiently examine and correct debt structures secured against legacy real estate – I am excited to look for ways our capital can be a solution for a lot of the financial complexities across Europe.
“For me, I see this as a very exciting marriage of skills given my lengthy previous experience valuing and repositioning a wide range of real estate assets across Europe, coupled with Park Street Advisors’ expertise developing sustainable financial solutions to support bespoke business plans on a case by case basis.”
The Panther Fund advised by Park Street, completed its first capital raising closing in December, raising €100m from a large US private equity firm.
The Panther Fund focuses on investment opportunities to provide liquidity to legacy loan and equity holders in the European structured real estate sector.
The Fund is targeting a final close later this year of $500m for deployment in off-market income-generating real estate, typically stressed through complex capital structures at between €20m to €100m across UK, Germany, Southern Europe and the Nordic countries.