Billions for Sale
I was traveling back from the UK yesterday morning, picked up a copy of the Financial Times for the plane ride back, and found a cover story reporting that the Royal Bank of Scotland is moving ahead with a $2.5 billion sale of "unwanted" legacy commercial real estate loans. But that's apparently only the tip of the iceberg. According to the article, the bank is sitting on $70 billion of real estate loans could be sold or "wound-down" by 2014. The numbers are staggering for one institution. However, the most interesting news reported was that the bank is only inviting a "small" number of private-equity groups to play in the bid process. Among the names mentioned were Lonestar, Blackstone and Starwood Capital. The bank's reasoning is that they want firms to play that have the experience, and balance sheets, to manage large portfolios of debt. If RBS is an indicator, it appears that the disposal of the mega billions of commercial real estate loans may be controlled by the big guns. Stay tuned.
Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
Job OpportunitiesEQUITY RESIDENTIAL
Development Associate
(SAN RAMON, CA) Equity Residential is seeking senior level project manager to handle all aspects of development of new multi-family rental projects in the Bay Area. The associate is responsible for managing all phases of development ranging from sourcing land through lease up.
JONES LANG LASALLE
Transaction Manager
(SAN FRANCISCO) The manager’s responsibilities include executing lease disposition transactions, performing basic financial modeling of lease transactions, understanding client objectives and aligning all aspects of delivery to meet client objectives and exceed expectations.
SELECTLEADERS
Analyst
(WASHINGTON DC) The position requires understanding of commercial real estate, debt and equity structures, and real estate valuations. It involves financial analysis and the preparation of financial projections, models and valuations.
CORNERSTONE REAL ESTATE ADVISORS LLC
Analyst
(HARTFORD, CT) The analyst must act as project leader in responding to questions or delegating questions to correct functional group and following through by monitoring the progression of answer completion, among other duties.
PRUDENTIAL
Team Lead, Accounting
(PARSIPPANY, NJ) The team lead, accounting is responsible for supervising staff and reviewing the accounting and financial reporting for real estate portfolios and certain aspects of a large commingled real estate separate account.
HARSCH INVESTMENTS
Vice President
(SAN FRACISCO) In this role one will report directly to the president and manage a 26-story, 398,000-square-foot medical office building at 450 Sutter, and our 1,200 stall public garage at the corner of Mason and O’Farrell.
LOWE ENTERPRISES
Assistant Vice President Construction Manager
(SAN DIEGO) The employee must perform project management oversight and coordination necessary to facilitate implementation of a four- building office project in conformance with the established objectives and commitments.
PACIFIC LIFE
Senior Real Estate Investment Analyst
(WALNUT CREEK, CA) The analyst will provide analytical support to real estate investments’ debt production. The incumbent is also to become thoroughly acquainted with Pacific Life’s basic real estate underwriting guidelines
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
CB RICHARD ELLIS
(ST. LOUIS) CB Richard Ellis promoted Doug Zink to managing director of the valuation and advisory services department in the St. Louis office. He was previously vice president of the new division.
DEVELOPERS DIVERSIFIED REALTY
(BEACHWOOD, OH) Terrance R. Ahern, lead director at the shopping center firm, was named chairman of the board following the resignation of Scott Wolstein.
STROOCK & STROOCK & LAVAN
(MIAMI) Stroock & Stroock & Lavan LLP, a national law firm, announced that Ronald A. Kriss has been named managing partner of the Miami office. Manny Fernandez, who has served as the Managing Partner of Stroock’s Miami office for the last seven years, will continue to chair Stroock’s Real Estate Practice in Miami. Kriss joined Stroock in November 2010 from Akerman Senterfitt.
NAPLES GRANDE BEACH RESORT
(NAPLES, FL) Naples Grande Beach Resort, a Waldorf Astoria Resort, appointed Rudy Gonnella as national accounts manager, Southeast. In this role, Gonnella will orchestrate meetings and incentive programs for area companies, associations and other groups. He previously spent two years as the Naples Grande director of catering and conference services.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
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