Fiona D’Silva quits Deutsche Bank for Kennedy Wilson

By James Wallace - Monday, July 16, 2012 15:00

Fiona D’Silva, a director in Deutsche Bank’s real estate syndication team, is leaving after just 12 months to join Kennedy Wilson, CoStar News can reveal.

D’Silva leaves Deutsche Bank at the end of this week and starts at Kennedy Wilson on 6 August, as a managing director.

D’Silva joined Deutsche Bank last summer after a 10-year career at Goldman Sachs and during her time was responsible for a string of real estate loan syndications, including the distribution of the majority of the £305m senior loan securing Blackstone’s circa £600m acquisition of the eight Mint hotels to GE Capital Real Estate, GIC and M&G Investments.

More recently, D’Silva syndicated Deutsche Bank’s £97.5m senior loan securing Sorgente Group’s circa £165m acquisition of the 240,000 sq ft Queensberry House on Old Burlington Street in Mayfair from Aviva Investors.

Deutsche Bank, which has an existing relationship with the Italians, sold on the loan to M&G Investments and AXA Real Estate, according to Real Estate Capital last Friday morning. REC said the margin was close to 400 basis points, with both insurance companies taking an equal 50:50 split.

The capture of D’Silva follows Kennedy Wilson’s €2bn joint venture partnership to buy performing, sub and non-performing real estate portfolios in the UK and Ireland announced last week with “a global financial institution”, widely understood to be with Deutsche Bank, through its special situations team headed by Charles Blackburn.

Kennedy Wilson has been one of the emerging winners in the current European bank deleveraging cycle, having won Lloyds Banking Group’s €360m Project Prince portfolio, following last autumn’s $2.1bn Bank of Ireland UK loan portfolio win.

Both wins are understood to be in partnership with Deutsche Bank, the two are also in the running for Lloyds’ £645m Project Harrogate, as well as being in the first round for Allied Irish Bank’s £340m Project Pivot and the €675m Project Kilidare.

D’Silva’s Deutsche Bank exit follows that of Clark Coffee, co-head of origination, who left one month ago to join a real estate hedge fund after the summer. The fund will seek to exploit the dislocation in European credit markets.

Coffee has been at Deutsche Bank for seven years, joining the investment bank’s mergers and acquisitions practice in New York, then transferring to the equivalent London team, before moving up to its European real estate finance team.

As co-head of origination, Coffee’s clients included all the major global private equity funds and he was the lead loan underwriter for Deutsche Bank’s £302m senior loan to finance Blackstone’s acquisition of Chiswick Park, which subsequently became the first true-sale European CMBS in more than four years.

Deutsche Bank and Kennedy Wilson declined to comment.

jwallace@costar.co.uk

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