BNP Paribas Real Estate has lost three staff from its recovery and restructuring/secured asset advisory team to niche advisory firm FraserCRE.
Joe Pitt, James Davies and Ewan Mackie will set up a new service at FraserCRE, working with lenders and their customers on the property aspects of challenged loans.
BNP PRE will continue to offer secured asset advisory services via a team led by Ben Moon, head of valuation and registered LPA receiver, as well as the wider debt advisory business, which includes investment and other core services.
A BNP PRE spokesman said: “We would like to wish Joe, James and Ewan well in their new venture and look forward to working with them on joint clients and future referrals.”
FraserCRE was founded in 1993 as an outsourced manager of corporate real estate when it took on BET’s portfolio of 265 surplus leases. From there the business has grown, winning major contracts from HSBC, Lincoln Financial, Crawford and Company, Pearl Assurance and Hays.
It expanded into asset and project managing the disposal of surplus lease portfolios for clients such as Virgin Media and the Co-operative Society and in conjunction with sister company Legacy Portfolio.
Chairman Tim Malthouse and managing director Chris Wright joined FraserCRE in 2015 to widen the scope of services in providing strategic consultancy for corporate occupiers as well as disposal portfolios and now advise on clients such as Whitbread, Barclays, Victoria and Racing UK.
Malthouse said: “FraserCRE is resolutely focused on its niche specialisms and in this age of transparency and integrity, is not distracted or conflicted by the activities of brokers. Our independence enables us to ensure that we procure and then continuously challenge best-in-class advisors to deliver. As we continue to experience uncertainty in the market and the wider economy, the addition of Joe and the team is an exciting opportunity for us to expand our reach.”
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