Wells Fargo Expands London CRE Office
Wells Fargo & Co. is expanding its commercial real estate operations in the United Kingdom, which it says will better serve the needs of its U.S.-based clients currently doing business there. In addition, it will now offer services to U.K.-based real estate entities.
Mike Marino, who had been in charge of Wells Fargo’s Commercial Real Estate Institutional Metro Markets Group in Southern California, will relocate to London in early February to head the U.K. Commercial Real Estate office.
Marino will continue to report to Chip Fedalen, head of Wells Fargo’s Commercial Real Estate’s Institutional and Metro Markets Group.
“With the current void in capital providers in the U.K. commercial real estate market, we see a tremendous opportunity to support our clients doing business in the U.K. and to expand the delivery of these services to both U.S. and U.K.-based real estate companies,” said Fedalen.
Robert Maddox and Cullen Powell will join Marino in London to support the U.K. office and both will report to him. Maddox and Powell will lead teams responsible for client development, underwriting and loan production in the U.K.
Maddox will also oversee Wells Fargo’s legacy liquidating debt portfolio in Germany.
Jimmy Gray, who was formerly leading the U.K. Commercial Real Estate office, will now assume the position of senior credit officer in the U.K. and will work closely with the team to continue building the business in the U.K. market.
A Fitch report released at the end of October notes that the commercial mortgage-backed securities market in Europe remains dormant.