Gatehouse struck by second senior resignation

The second senior real estate resignation in two weeks has struck Islamic property funder Gatehouse Bank.

Scott Nicol, vice-president for real estate, has resigned and is reported to be setting up his own investment firm.

Last week, Gatehouse’s head of real estate financing, Natale Giostra, resigned “to pursue other opportunities”.

Giostra had been at the bank 18 months and built up a four-strong team, providing a £22.5m senior funding for the Holiday Inn in Acton, and more recently, winning a $100m mandate from a US investor to provide mezzanine finance in Europe.

Gatehouse, which recently sold a 2% stake to asset manager Threadneedle, is actively recruiting a replacement.

The bank said the two real estate resignations were unrelated and Nicol would leave once he completed handing over his responsibilites.

“Real estate investment remains a core focus for Gatehouse Bank, with a healthy transaction pipeline over the coming year, including exciting new products we are developing across a number of different sectors,” said the bank.

Founded in 2008, Gatehouse invests in accordance with Shariah principles and advises funds with approximately $1.5bn of assets in the United States and United Kingdom.