GE Capital Real Estate is taking just two members of Deutsche Postbank’s frontline real estate team as part of its £1.4bn Project Tower purchase.
The US giant is understood to have given permanent positions to Sandra Randall and Barbara Kirby from Postbank’s five-strong credit team.
The remaining members of the credit team and four members of the origination team, including London branch general manager, Bruce Matthews, are leaving the business.
Matthews joined the bank in 2006 and co-managed the London office with responsibility for the commercial loan origination team.
It is expected that some other members of the German bank’s 38-strong office will work on the transition of the UK commercial loan portfolio to GE, but may not be kept on permanently.
GE Capital Real Estate has 1,300 employees globally, including 100 in the UK, after it re-established its European property lending business in 2012.
It beat off competition from Citigroup jointly with Ares to secure the Project Tower deal with Deutsche Bank, which owns 83.7% of Postbank.
The portfolio comprises 55 loans with primarily UK borrowers, many with near-term loan expirations, providing GE with access to a new customer base and the potential for refinancing or for new lending.
Most of the loans, from a range of borrowers including wealthy private investors and quoted property companies, are performing.
Speaking when the deal was confirmed in November, Ellen Brunsberg, UK managing director, said: “This transaction is an expansion opportunity for GE’s commercial real estate lending activities in Europe.”
