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Eurohypo feels pinch

The largest commercial property lender in Germany and one of the largest in Europe is merging its European structured finance team, likely to lead to 10 job losses.

Eurohypo is streamlining its European structured finance operation, with around 10 jobs to disappear.

The move comes in response to the credit crunch which has resulted in some high profile departures already at Europe’s top real estate lenders, most notably that of Hypo Real Estate’s chief executive Georg Funke earlier this month.

In a statement, Eurohypo, which is Germany’s largest commercial real estate lender, said it was meeting current market conditions by restructuring its London office.

Under the plan, Eurohypo is merging its European structured finance team into its UK debt division. The restructuring may result in up to 10 roles being made redundant, the bank said.

Max Sinclair and Ahsan Ellahi will co-head the London office with Ellahi also joining Michael Acratopulo as co-head of UK origination.

Sinclair, head of the UK division, said: “We have worked hard to build the leading property finance team in the UK, so we are naturally sorry to lose some colleagues. That said, our focus remains on providing ongoing financing to our clients in to the long term and the changes we have made will allow us to do just that.”

Philip Ward remains head of advisory and Caroline Philips as head of securitisation Europe.

In 2007, the company underwrote €36 billion of new loans in commercial real estate.