Situs Acquires Deutsche Bank's European Commercial Mortgage Servicing Business
- Transaction Establishes Situs as One of the Largest Third-Party Servicers in Europe
NEW YORK, Sept. 21, 2012 /PRNewswire/ -- Situs today announced the acquisition of Deutsche Bank's London-based commercial mortgage loan servicing business. The acquisition includes CMBS and balance sheet servicing, asset management and special servicing – making Situs one of the largest third party servicers in Europe.
In October 2011, Situs was acquired by Helios AMC, a rated special servicer sponsored by Lewis S. Ranieri, credited with creating securitization and founder of Ranieri Partners Management LLC, who operates a variety of investment management companies focused on the financial services industry.
"This acquisition underscores the strength of our relationship with Deutsche Bank, the efficiency of our servicing model and the demand for research and insight based on transparency, integrity and deep industry expertise," said W. Bruce Nelson, Chief Operating Officer of Situs.
Since entering the European market in 2004, Situs has experienced a period of aggressive market expansion. In 2009, the company acquired the primary and special loan business of Global Servicing Solutions Germany, a combined venture by Ocwen Financial and Merrill Lynch. In 2011, Situs partnered with HSH Nordbank and Helios AMC to offer loan servicing and advisory services in the Nordic region.
"This deal represents a milestone in the acceptance of third-party servicing and asset management as a viable, trusted solution in the European marketplace," said Hugo Raworth, Situs Managing Director, based in London. "Deutsche Bank's servicing business has a well-earned reputation for responsiveness and transparency in the commercial mortgage market. We look forward to continuing this high level of customer service, which has been the hallmark of Situs' success over the past 27 years."
This represents Situs' second transaction with a major European financial institution in the past two years. With almost €20 billion under management, this ranks Situs as one of the largest third-party commercial real estate servicers in Europe. Situs is aggressively pursuing other transactions in the U.S. and Europe to leverage their existing business model.
Situs has developed a commanding Pan-European presence with offices in London, Frankfurt, Dublin and Copenhagen. Effective at closing, all existing employees associated with Deutsche Bank's commercial mortgage loan servicing business were welcomed by Situs to continue in their existing roles.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in more than 70 countries, Deutsche Bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
Situs is a leading provider of commercial real estate services and business solutions to the global financial services industry. Since 1985, clients have relied on Situs' trusted insight and experience. Combining creativity, flexibility and strategic planning, Situs offers services including, Real Estate Consulting, Strategic Real Estate Advisory, Loan Servicing and Asset Management, Outsourcing Solutions, and Technology Solutions.
Contact: Michael Goodwin
Makovsky for Situs
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