ICG’s strategic hires signal continental European expansion

The London-based manager has made appointments in Paris and London as it expands the focus of its lending beyond the UK.

ICG Real Estate, the London-headquartered property division of asset manager Intermediate Capital Group, has signalled its intent to expand its lending activities into continental Europe with two strategic hires.

Deloffre: joined ICG from BNPPAM

In Paris, the firm has hired Philippe Deloffre from French asset manager BNP Paribas Real Estate. Deloffre will be responsible for leading ICG’s continental European origination activities for its partnership capital strategy – through which it provides whole loans, mezzanine and preferred equity, as well as its senior lending business.

In a statement, Deloffre said he is joining ICG “as we look to expand in the European mid-market space”.

ICG has also hired Aisling McCarthy from property lending platform Coimmvest. Although she will be based in London, McCarthy’s role will be to focus on UK, Irish and North American sponsors investing across continental European markets.

Earlier this month, ICG ranked second in the Real Estate Capital Debt Fund 25 list of Europe’s largest real estate debt fundraisers. Its fundraising total for 2015-19, inclusive, was $5.16 billion, up from the $4.74 billion recorded in the 2019 ranking, which counted capital raised from 2014-18. ICG’s strategies encompass whole loans, mezzanine, preferred equity, development finance and senior debt, although its focus has been on the UK market until now.

McCarthy: will focus on clients investing in continental Europe

Martin Wheeler, co-head of ICG Real Estate, said Deloffre and McCarthy’s “longstanding connections” were already giving the company access to lending transactions across continental European markets. He added their experience “equips us to deliver the service and performance our clients have come to expect on a pan- European basis”.

Deloffre was previously head of real estate debt at BNP Paribas Asset Management where he established the company’s property debt strategy. Prior to that, he held roles as head of real estate debt at French asset manager ACOFI Gestion and as head of France in CBRE’s debt advisory division.

Prior to joining Coimmvest, McCarthy’s roles included executive director at the Swiss National Bank Stabilisation Fund at Swiss bank UBS and director in the real estate finance team at UBS Investment Bank.