LBP AM appoints head of real estate debt

Christophe Murciani left Luxembourg-based Sienna Investment Managers in October.

La Banque Postale Asset Management (LBP AM), the investment management arm of French bank La Banque Postale, has hired Christophe Murciani as head of real estate debt funds.

Murciani announced on LinkedIn that he had joined the Parisian asset manager to oversee its real estate debt team.

The role was previously held by Pierre Saeli, founder of the firm’s real estate debt business, who left in October 2022 to join French firm SCOR Investment Partners, the asset management company of the SCOR group.

Murciani will lead a team that includes fund manager Bruno Rodrigues Saco and investment director Alexandre Nedjar.

Murciani joins from Sienna, where he was a director of commercial real estate debt funds. Real Estate Capital Europe spoke to him in May, when he discussed the difficulties in the fundraising market. He said at the time the firm had adjusted its fundraising target for the sixth fund in its Real Estate Debt Impact Fund series from €400 million to between €250 million and €300 million.

Sienna had initially launched the fund in 2021 and held a close in the same year, raising €120 million. However, since the first close the firm had not received further commitments.

In October, Sienna announced the promotion of Benjamin Debré to director of real estate debt funds in its private credit team, succeeding Murciani.

Under Saeli’s tutelage, La Banque launched its inaugural real estate debt fund Real Estate FCT 1 in 2013, which raised €205 million. Its second fund Montparnasse Real Estate Debt followed in 2014, raising €844 million, and European Real Estate Debt Fund 2, the third fund, launched in 2016 to raise €400 million.

The manager put Montparnasse Real Estate Debt 2 on the market in 2020 and received €500 million from one institutional investor. It is understood the firm was fundraising for a targeted €400 million European Real Estate Debt fund 3 before Saeli left the firm in 2022. The fund at the time had received €300 million in commitments.

La Banque has a €1.5 billion property loan book.