The European head of investment management at the world’s largest CMBS special servicer, LNR Partners, has left the business, Real Estate Capital can reveal.
Derek Rich has left LNR by mutual consent following three years with the firm. He was responsible for all investment, advisory and real estate due diligence across LNR’s European business and was also a board director at Hatfield Phillips International, the European loan servicing business owned by LNR.
The news follows Hatfield’s announcement last month that it is setting up a debt advisory and loan management platform as the number of troubled CMBS work-out mandates diminish in an improving market. In order to do this, Hatfield recruited Rupert Gill, previously a director in Lloyds’ structured debt syndication team, to lead the new business line as well as Karen Travis, a senior associate at Morgan Stanley Real Estate Investing, to be responsible for its marketing and business development.
The change in approach by Hatfield follows on from the appointment of is new chief executive Blair Lewis in January and the subsequent departure of LNR Europe’s chief operating officer Matthias Schlueter in March.
Lewis said: “We thank Derek for his service over the years and wish him the best of luck in his future endeavors. We have an exceptionally strong senior management team and remain well positioned to deliver the highest levels of client service and execute our business and growth strategies. The recent additions of Rupert Gill and Karen Travis reflect the depth to our team, and serve to create new business opportunities for the firm.”
Rich was previously head of distribution for commercial real estate in EMEA, Japan and south-east Asia for UBS and was also a founding member of Deutsche Bank’s commercial real estate platform.