05/20/2011

Deutsche Lures Belanger From UBS in London

Deutsche Bank has hired a top real estate executive away from UBS to bolster its London operation.

Don Belanger, head of UBS’ real estate capital-markets activity in Europe, the Middle East and Africa, will start at Deutsche within a few weeks — his second stint at the bank.

Belanger will be responsible for commercial real estate financing activities in Europe, reporting to Cyril Courbage, head of the bank’s commercial real estate business in Europe, according to people familiar with the matter. Deutsche declined to comment.

Word of the high-profile hiring came as Deutsche prepared to market Europe’s first commercial MBS offering since late 2007, excluding a handful of lease-backed and add-on offerings.

The £302.2 million ($490 million) issue is backed by the senior portion of a £360 million loan on the Chiswick Park office complex in West London. Deutsche wrote the five-year loan in March to finance Blackstone’s £480 million acquisition of the property. Deutsche has already sold the £57.8 million junior piece of the loan to a sovereign wealth fund, according to the market buzz.

The floating-rate offering consists of £235 million of triple-A bonds, £30 million of double-A paper and £37.2 million of single-A-minus notes.

Deutsche is expected to begin meeting with investors next week.

Belanger, a managing director at UBS, is a veteran of commercial real estate finance. In the 1990s, he had stints as an analyst at Fitch and as a staffer at Nomura lending unit Capital America in New York. In his first go-around at Deutsche, from 1999 to 2005, he was a managing director in the global real estate debt markets group, based in New York. Belanger then moved over to Credit Suisse as co-head of its European CMBS program, based in London, and became sole head in late 2006. He jumped to UBS the following June.

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