After spending a little more than four years at the Royal Bank of Scotland, Mike McNamara has rejoined Ernst & Young as a principal at its transaction real estate practice, according to an announcement from the London-based global accounting and advisory firm.
In his new position, McNamara will be responsible for Ernst & Young’s real estate capital markets business. He will be based out of the firm’s Washington DC office and report directly to Mark Grinis, the newly-promoted head of Ernst & Young's transaction real estate practice.
In a statement, Grinis said the appointment of McNamara “will be invaluable to our transaction real estate practice as we look to further develop our real estate capital markets services in the Americas over the next few years”.
McNamara rejoins Ernst & Young after serving as managing director at the investment banking division of the RBS, where he was head of the real estate finance business in London, and later head of real estate products across Europe, the Middle East and Africa. Prior to joining RBS in April 2007, McNamara was a London-based partner at an Ernst & Young member firm in the UK and managed its real estate corporate finance advisory practice.
A spokesperson for Ernst & Young told PERE that the firm brought McNamara back as part of its ongoing plans to expand the transaction real estate group's existing services. “The real estate capital markets are volatile and access to them, particularly debt, is challenging,” McNamara said in a statement on his return to Ernst & Young. “There is significant equity chasing commercial real estate and loans secured by it. I look forward to working with the transaction real estate team to provide our clients with the appropriate services.”
The hiring of McNamara follows Ernst & Young’s promotion of two partners to senior leadership positions in its Americas real estate practice. This summer, the firm appointed Mike Straneva as head of its overall Americas practice and Grinis as transactions practice leader. Those appointments took effect at the beginning of July.