One of Europe’s top dealmakers Michael Rhydderch is joining Brookfield Financial, the investment banking business owned by Brookfield Asset Management from property services firm Cushman & Wakefield.
PERE can reveal Rhydderch will become a partner at the 100-staff bank, which specialises in M&A advisory, debt placement, project finance, asset brokerage and structured transactions, from early September.
Rhydderch, who declined to comment on his move as he still currently is working for Cushman & Wakefield, had slowly been dislocating himself from the firm where he most recently was head of capital markets for Europe, the Middle East and Africa. He resigned from its board in March and then from his position as capital markets head before accepting the role at Brookfield.
Rhydderch latterly was in charge of approximately 200 staff at Cushman & Wakefield but his reputation resides more in brokering some of the largest private real estate transactions in Europe. Deals brokered by Rhydderch include CPPIB’s 50 percent stake in the €1.3 billion Dusseldorf shopping centre Centro Oberhausen in 2011; MGPA and Partners Group’s €220 million purchase of the Illum department store in Copenhagen in 2011 and; Orion Capital Partners’ 50 percent stake purchase of the Puerto Venecia retail development in Zaragoza for more than €100 million in 2011.
He was also appointed to the board of Starwood European Real Estate Finance, the European property debt platform floated on the London Stock Exchange by Starwood Capital Partners last year.
At Brookfield he will be expected to grow a real estate division from the firm’s office in Hanover Square in London’s West End and it is thought his team might grow to about 20 staff over the coming five years. His team will be expected to advise on large private real estate joint ventures and capital restructurings as well as straight portfolio sales. He will report directly to Brookfield Financial’s president and managing partner Brydon Cruise.
Rhydderch’s career spans back to 1994 when he joined CBRE as an investment director based in Portugal. After switching to Italy in 1999 he was hired after a year by Cushman to lead the firm’s investment advisory efforts in the country before relocating to London in 2005 where his responsibilities gradually increased and where, ultimately, he became regional head of capital markets.