M&G Investments has appointed senior originator Lynn Gilbert as head of senior real estate lending after the departure of Paul Dittmann, PDI sister title Real Estate Capital reported.
Gilbert has stepped into the role which Dittmann had filled for the last four years since joining the insurance giant’s CRE debt investment team in 2011.
Gilbert was formerly M&G’S head of origination for both senior and junior CRE debt investing.
Both Gilbert and Dittmann reported directly to M&G head of real estate finance, John Barakat.
A spokeswoman said Gilbert had previously been “very involved in sourcing deals for both the senior and junior strategy” and had now “taken over full responsibility for overseeing the senior fund strategy as the lead fund manager.”
Senior CRE debt colleagues including Duncan Batty and Niklas Hackl will now report to her.
Dittmann, who left M&G last month, helped the business invest £3bn in real estate debt in the last two years, in large – typically at least £100 million – senior and whole loans, in the UK, France, the Netherlands and Germany.
M&G invests in senior debt for a number of mandates including in-house parent Prudential. It has just taken a circa €100 million participation in the syndication of a €325 million loan to Starwood and Brookfield secured on 10 German interhotels.
It also manages two junior debt funds and is thought to be fund-raising for a new vehicle, believed to be for development finance.
Barakat said: “The depth and quality of Lynn’s relationships are a great benefit to our business as we continue to see significant client demand for this strategy. I’d like to thank Paul for his energy and enthusiasm and we wish him well in future endeavours.”