GE Capital Real Estate UK, led by managing director Ilaria del Beato, has expanded its team of lending specialists to support its re-entrance into UK property lending. James Spencer-Jones has been promoted to head of debt, new business, and has recruited Jamie Younger as a senior originator in the London-based team.
Younger was previously at the Asset Protection Scheme, and before that, at Lehman Brothers. The new business team includes existing senior originators Nicola Free and Limor Shilo, who has recently transferred to real estate debt from GE Capital’s leveraged finance business.
Spencer-Jones’s previous role as head of debt asset management has been filled by promoting Melanie Collett. Collett has worked in the equity and debt new business teams, as well as in the debt asset management team, since she joined the business in 2003.
GE Capital Real Estate has ambitions to be a significant European lender, starting with senior financing in the UK and France.
Its products include structured lending on well-located assets with strong sponsors and underwriting asset management plans, as well as loan-on-loan financing. It will also consider lending at higher loan-to-value levels than many banks.
GE lent around £45m to Angelo Gordon for the US private equity firm’s acquisition of Senator House, EC4, at an LTV ratio of just over 65%. It also supported Cerberus Capital’s bid for Lloyds’ Project Harrogate UK loan portfolio, which eventually went to Oaktree.