Close Brothers property arm boosts PBSA and BTR offer with new role

Close Brothers Property Finance, part of Close Brothers Group, has appointed Chiara Caldwell to the new role of managing director of structured finance. The appointment aims strengthens the bank’s diversification into student and build-to-rent sectors, which are currently valued at £85.8bn and £35bn respectively. Caldwell joins from CBRE, where she was head of residential debt advisory. Prior to joining CBRE in 2018, she was at NatWest, as its head of private rented sector, where she oversaw the deployment of £1bn senior lending throughout the UK. She also sits on the board of the British Property Federation’s BTR committee and has advised Homes England and the Greater London Authority on initiatives to increase supply of BTR homes. Phil Hooper, chief executive officer of Close Brothers Property Finance, said: “We have been lending to the development marketplace for 50 years and have a first-class, relationship-led proposition, so it feels like a natural evolution to diversify our lending offering. Caldwell will bring fresh perspectives around the leadership of the business.” Caldwell added: “Both BTR and PBSA continue to flourish as asset classes in the UK, attracting large-scale institutional investment. While supply has been restricted over the last year, demand has continued to increase, pushing up rental growth and creating considerable sector growth potential in the coming year and beyond. Expanding into these markets will further strengthen the value proposition for borrowers.”