CBRE Loan Servicing is targeting facility agency and geographic expansion under new head Clarence Dixon. Dixon took over the business last April after three of the most senior staff left, including former head Paul Lloyd.
This month, the loan servicing business starts operating in Frankfurt, based alongside colleagues in CBRE’s real estate finance business there.
Dixon said he will spend about 30% of his time in Frankfurt and has hired a senior asset manager who will be based there full-time from next month.
As well as continuing to manage the Chamonix portfolio of German non-perfoming loans for Marathon Asset Management, which bought them from Lloyds, Dixon expects to build up a local business acting as facility agent in syndications for German banks.
At a presentation this month, pbb Deutsche Pfandbriefbank chief executive Manuela Better said she believed independent facility agents would be welcomed by German banks.
CBRE Loan Servicing acts as facility agent on about 10 syndicated loans worth a total of €3bn, mainly in the UK but also a €1bn pan-European deal with 12 lenders in the syndicate.
Dixon said: “Banks and insurance companies told us they want someone independent rather than the lead arranging bank to take this role, because there are certain conflicts.” CBRE also acts as primary servicer on about £2bn of loans, including £1.4bn for MetLife.