UK
Banks hire for London property boom
30 May 2006
Bankers with a property speciality are flavour of the month ahead of new REITS legislation.
UBS is in the process of launching a real estate financing business, and is looking to make a massive 50 new hires according to an unquoted source in this week’s Financial News.
Lehman Brothers is also reportedly expanding its real estate lending business after hiring Michael Prew from Citigroup to head its real estate securities operation.
The sudden enthusiasm for setting up financing teams comes ahead of the launch of real estate investment trusts (REITS) in the UK next year. But demand is also swelling for real estate corporate financiers as larger property companies registered as REITS are expected to acquire smaller rivals, which aren’t.
The Telegraph suggests Bridgewell, the corporate finance boutique, is among those leaping aboard the real estate bandwagon. It says the fund has hired a senior corporate financier to develop a new UK-based property team.
