Jean Barden, who has joined the bank as general manager, will be in charge of the strategy. Barden is a 20-year veteran of the financing industry. She started her career at Chemical Bank where, by the time she left in 1995, she headed the $14-billion syndications group. Before coming to Hypo Essen, she was with PB Capital.

At a press meeting yesterday to announce the move, board member Harold Pohl explained that the announcement formalizes an existing strategy for the bank, which has been active in US commercial real estate since the German government loosened restrictions on the sector a year ago. To date, he stated, Essen Hyp has logged $370 million in private activity in the states and $450 million on the public side.

He also detailed the geographic details of the rollout as well as the targeted products. Pohl explained that "we're not going to be everywhere," but added that A and B markets are in the company's sites as long as the deal can promise cash flow. In descending order of preference, the bank is targeting retail, multifamily and office investments.

But in an interview after the session, Barden explained to GlobeSt.com that her mission is flexible enough to take in other non-targeted assets--hotels and industrial--if the numbers add up.

"The marching orders here are to find good business," she said. "I will prove a good point every time I present a deal to Germany."

The 17-year-old Essen Hyp posted a 2003 net income of $98.4 million. According to its annual report, that represents a 6.6% increase over 2002 and the company's ninth consecutive increase.