US advisory firm Situs acquires loan servicer in Germany

Houston, Texas-based firm acquires a German company licenced to work through primary and special servicing for commercial mortgage backed securities.

Texas-based real estate advisory group The Situs Companies has boosted its European business by acquiring German loan servicing company, GSSG.

The firm said the German-based team of advisory and servicing experts would provide real estate-related financial services to groups such as institutional investors, hedge funds, private-equity firms and high-net-worth individuals looking to expand or modify their commercial real estate investments across Europe.

GSSG is currently rated by Fitch as a primary and special servicer, which specifically qualifies the company to offer primary and special servicing for commercial mortgage backed securities (CMBS).

Joe Kastrup, managing director and head of Situs European Servicing, said the market had been  “overwhelmed” by mounting delinquencies.

Ralph Howard, chief executive of Situs, said: “Given the increasing demand for our services at a critical time in the economic cycle for many real estate businesses in Germany, our expansion of our loan servicing business is very timely.”