Ex-Lloyds work-out boss Dakin joins CBRE

Richard Dakin, the former head of  Lloyds Banking Group’s post-crisis property deleveraging drive, is to join advisory firm CBRE.

Having left the bank this month he is to take up the role of managing director of the company’s capital advisors division. He will also join CBRE UK’s strategy and management board. Philip Cropper, the existing managing director of CBRE’s capital advisors business is to become chairman of the division.

Dakin was the managing director and head of the corporate real estate business support unit at Lloyds and spent 32 years with the bank. Under his watch the bank recouped £24bn of value from real estate since the start of 2009. The “bad book” decreased in size from £45bn in 2009 to less than £5bn and Dakin was one of the most influential figures in UK property during that period.

In August last year he was also appointed as a non-executive director at Derwent London

Cropper said: “Richard is a great hire for our division and will significantly strengthen our leadership team. His ability to manage growth and large teams as well as his experience in commercial and corporate banking will accelerate our expansion. Richard brings unique insight and contacts gained while deleveraging the Lloyds Banking Group real estate loan book, one of the most complex asset books in the market. This knowledge will be of significant advantage to our clients and CBRE as a whole.”

Dakin added:“ More businesses recognise the value of working with advisors who combine deep property insight with financial capability and CBRE Capital Advisors is in a position to offer both to its clients. We want to build our reputation as the trusted advisor for real estate capital services known for our long lasting relationships with clients”.