Goldman Sachs property star made partner

The head of property lending in Europe for the US investment bank has been named as one of 115 staff promoted to coveted partner status, entitling him to share in a huge remuneration pot.

Zubin Irani, Goldman Sachs’ co-head of the newly merged European property lending and advisory business has been “invited” to become a partner in the firm.

The real estate big-hitter has loaned billions of pounds to finance deals on the Continent and has been rewarded for his efforts as he is now eligible to share in Goldman Sachs’ legendary bonus pool.

Irani left Whitehall Funds, the private equity real estate arm of the investment bank, to take up his new position last year.

He recently led the €1.2 billion ($1.5 billion) securitization of properties leased to the German department store chain KarstadtQuelle and has worked on a separate €2 billion debt financing for Spanish property company Inmocaral in its takeover of rival Colonial.

Irani was formerly the chief financial officer of Whitehall Funds, which is led in Europe by Edward Siskind, who also heads up the European real estate division.

The KartstadtQuelle securitization was part of a commercial mortgage loan provided by Goldman Sachs for the March acquisition of a large portfolio by Whitehall and the German department store chain.

The asset pool securing the commercial mortgage-backed securities comprises 109 properties, mainly department stores, throughout Germany.

The CMBS was more than twice oversubscribed after a one week roadshow to investors.

Goldman Sachs selects staff every two years to become partners.

It has been reported that as at the end of August, Goldman had reserved $13.9 billion for 2006 remuneration.