Boutique firm Mera Investment Management has appointed former Close Brothers Property Finance chief executive Frank Pennal to its board of directors.
Pennal has joined the private real estate finance and investment firm as non-executive director and strategic adviser.
Pennal led the Close Brothers Group’s property lending division as its chief executive for nearly two decades. Under his leadership, Close Brothers’ property loan book grew from £150m to £1.7bn, and he expanded the team to more than 100 people in the UK.
After nearly three decades of service, Pennal retired from Close Brothers in December last year.
In his new role, he will be responsible for supporting Mera IM’s growth plans, including acquiring new talent, building new departments and broadening the funding lines.
Pennal said Mera is at an “exciting phase” in its development, “at a point in the market where some lenders have less appetite to lend”.
He added: “Mera has a committed and experienced team, and the robust capacity and appetite to provide prime real estate funding.
“I hope my involvement will assist in delivering their progressive plans to grow the business.”
Mera IM chief executive Edward Matthews said: “Frank’s commitment to Close Brothers and property finance as a whole was a major factor in why we wanted him as part of the team.
“His experience in nurturing a business from the ground up to the indisputable success it is today will be invaluable during Mera’s own ambitious growth journey.
“Frank will be very hands-on in supporting our growth and we couldn’t have found a better strategic adviser.”
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