Goldman Sachs expands into core, hires ING exec

ING Clarion managing director Jeff Barclay will join Goldman Sachs Asset Management to lead a new core real estate arm.

Goldman Sachs Asset Management is launching a new core real estate business and has hired ING Clarion managing director Jeff Barclay to lead the operation. Barclay currently is head of acquisitions at ING Clarion, having joined the firm in 1993. He will join Goldman Sachs in November.

Eric Lane, co-chief operating officer of Goldman Sachs’ investment management division, said in a statement that the firm saw “attractive opportunities in core and core-plus real estate over the near to medium term”, and would start investing in the sector on behalf of its institutional and high-net-worth clients. Barclay will lead that operation, which will focus primarily on the US.

Prior to ING, Barclay was a partner at Washington DC-based Hamilton Securities and also worked for Jones Lang LaSalle, where he was in charge of investment sales. 

ING Group is in the process of selling its global real estate investment management business. The Dutch insurance group announced last October it would exit the property business by 2014 at the latest, after coming under political pressure to concentrate on core businesses following a €10 billion European Union bailout.

In June, ING hired Morgan Stanley to start the sales process, with initial bids due mid-September. Morgan Stanley has been charged with selling ING REIM intact, however industry professionals familiar with the sales process told PERE that ING could likely end up selling its regional arms, including New York-based ING Clarion, ING REIM Europe and ING REIM Asia, separately. Sources added that final bids for ING REIM are due at the end of November.