Experienced real estate lending, deal execution and recovery specialist with 15 years experience in real estate finance transactions across the capital structure and CMBS (UK/Germany). Experienced in working in multi-lingual and multi-cultural environments across Europe.
I am motivated by being my own person. I am always busy thinking of new creative ways to solve complex problems or start a new project. Throughout my career I have often taken new business ideas forward. In my first job after finishing my PhD at Reading University I was managing the expansion of new benchmarking services and real estate indices for Investment Property Databank (IPD) in Switzerland and Italy. At Moody’s Investor Service I have rated the first Real Estate Fund in Italy. Since 2008 I have been working in several banks to implement real estate risk rating methodologies and lead negotiations with borrowers, asset managers, and other lenders in European real estate loan workouts.
It is perfectly acceptable to real estate managers to discuss market risk or interest rates, but when it comes to credit risk and estimating economic capital most managers are out of their comfort zone. The biggest hole in that ground is produced by discussions on correlations, lack of data and in-transparency of the real estate sector.
It is not a reflection on the management, it is a simple manifestation of the disconnect that exist today between the real world and applied statistical modelling. And when it comes to banking regulation and economic capital for the banking industry, the disconnect is only growing larger.
“While regulatory capital model compensate for expected risk, economic capital should account for unexpected risk. The difference between two estimates is the amount you need to put aside for economic capital modelling
Following the financial crisis 2008 my roles have focused on finding solutions for distressed real estate bank loans and securitisations. Driven by the idea of improving industry underwriting and modelling standards I have published my first book with the title “Assessing real estate risk – applied models, concepts, methods”, Euromoney in October 2012.
I have worked with large real estate investment funds, property companies and private equity investors on debt restructurings deals from €10m – 1bn covering European wide portfolios in office, retail, healthcare, hotels and other. I have successfully negotiated deals between investors, asset managers and financing institutions to achieve best returns and risk balance for all parties.
Strategic risk management – Delivered strategies improving profitability and risk management (Banking sector risk models – BaFin/BoE F-IRBA, A-IRBA, Basel II). Developed & reviewed risk policies and rating models. Established and re-designed risk reporting processes. Assessed capital charges for real estate/alternative investments within the banking industry.
Financial management –structured debt & equity refinancing of >€10bn. Developed risk metrics, monitoring risk processes, structured CMBS for securitization exit. Presented portfolio performance and risk assessment to regular management boards – Chief Executive, CIO, Executive Management. Managed new business projects and research projects globally of varying time length (3month – 3years).
Transaction management – Led deal/contract negotiations for new lending, restructurings, loan sales, asset management, insolvency/administrator/receiver co-operation (UK/Germany), deal size €10m – €1bn.
Project management – Delivered analytical models and business strategies under strict timeline, business engagement and management internally and externally. Reviewed & validated asset management business plans. Led projects and transaction teams of 2-3 people across Europe. Assessed portfolio strategy and effectiveness of key business functions up to senior executive level within investment/wealth management firms.
Business development – Wrote successful business plans and established real estate indices in Switzerland and Italy for IPD/MSCI. Redesigned rating methodologies for alternative assets for rating business. Established new partnerships for business expansion in Europe.