Pramerica Real Estate Capital Group has hired a special projects head to drive further residential expansion. Andrew Moffat joined from HSBC’s direct property investment arm to help with deals within Pramerica Real Estate Capital – the funding arm that provides junior debt and preferred equity. He will also pursue other initiatives requiring residential expertise.
Pramerica managing director Andrew Radkiewicz described Moffat as having a “banking and fund management background with a residential steer”, having led the Charterhouse Bank Property Finance team and then the Charterhouse London Residential Property Fund for 10 years, which then became part of HSBC Specialist Investments.
It was at Charterhouse that Moffat met Radkiewicz’s co- head of European mezzanine, Andrew Macland. Radkiewicz said Pramerica’s residential strategy was already under way in the junior debt and preferred equity sectors and the firm had completed its first residential fundings. It is also about two weeks away from closing on a £225m core junior debt vehicle focusing on refinancings and acquisitions in the UK and Germany.
This follows on from the $800m Pramerica Real Estate Capital 1 Fund (PRECAP 1), which has a broad remit for junior debt and preferred equity, but where a number of loans at low loan-to-value levels were provided together with several senior debt providers. PRECAP 1 will be fully invested by the end of this year, with around 70% allocated to the UK and the rest to Germany.