Rebecca Worthington, deputy chief executive of regeneration specialist Quintain Estates, is leaving the company to start her own business, which will focus on distressed property.
The company, Lodestone Capital, will invest in mezzanine debt, distressed vehicles and “good assets” in struggling funds, said Worthington. “This company is about that nuanced space between finance and property, which requires expertise from both fields,” she added.
Worthington’s move comes just four months after she was promoted to the role of deputy CEO, having served as the company’s CFO since 2001. The promotion followed the departure of chief executive Andrew Wyatt in May.
Worthington said: “The secondary market is under even more pressure than the industry tends to acknowledge publicly.”
She said that real estate is under increasing pressure to find alternative sources of capital as forthcoming regulations such as Basel III and slotting constrain banks’ freedom to lend to property.
Behind the numbers, page 61
