Wednesday, March 20 10:06:59
Pepper Asset Servicing has been appointed by Danske Bank to provide special servicing and asset management on a portfolio of Irish commercial property with an aggregate outstanding loan balance of over E600m.
This marks Pepper's second major commercial real estate asset management contract since the company was established in Ireland in September last year and follows an announcement made in January 2013 that Pepper had been appointed to managed the E380 million Pittsburgh portfolio of Irish loans on behalf of Carval Investors.
The deal also marks the second collaboration between Pepper and Irish commercial real estate management firm, Arrow Asset Management.
The 270 properties in the portfolio are currently in receivership and under the deal, Pepper, in conjunction with Arrow Asset Management, will oversee the rationalisation of the receivership process for the portfolio and special servicing on behalf of Danske. In addition, the company will provide asset management on the portfolio.
Paul Doddrell, CEO of Pepper Ireland, said the deal marks another significant development in the company's growth strategy for Ireland. "We're delighted to be partnering with Danske and this contract win represents a further endorsement of our expertise to provide a unique approach to managing commercial portfolios in this market. We continue to be very focussed on growing the business in Ireland to establish it as a leading European loan servicing and real estate asset management operation and have recently invested significantly in our people and systems to help us realise this ambition."