London-based private equity real estate firm Benson Elliot Capital Management has appointed Philipp Braschel to lead the company’s investment strategy in Germany.
Braschel was previously an executive director with Goldman Sachs in its Real Estate Principal Investment Area where he worked on its approximately $26 billion fund series. He joined Goldman Sachs in 2000. Since then he has managed transactions including those in the retail, office and residential sectors as well as development fundings and the purchase of non-performing loans.
Benson Elliot, which is led by real estate veteran Marc Mogull, has invested heavily in Germany through its first fund, Benson Elliot Real Estate Partners II. Deals undertaken by the firm include the purchase of Düsseldorf’s Deutsch-Japanisches Center, and an investment in a performing mezzanine debt tranche secured by a portfolio of sixteen assets, including ten hotels.
Trish Barrigan, senior partner at Benson Elliot and also a former Goldman Sachs real estate professional, said: “Germany is a key market for Benson Elliot and, following the closing of our new €500 million fund, we anticipate extending our activities in the country. It was therefore a logical step for us to appoint a specialist with extensive experience, a proven skills set and a prominent market profile.”
Benson Elliot Real Estate Partners III raised €500 million ($630 million) of equity, the firm said last month. The fund will invest across Europe, but according to a statement by the company: “Germany is expected to feature prominently in its investment activities.”
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