Heath Forusz, the banker who spearheaded the sale of the first European CMBS in almost four years, left Deutsche Bank four weeks ago, CoStar News has learned.
Forusz – who had been with the German bank since 2004 and in Europe since late 2006 – was latterly head of EMEA commercial real estate capital markets, with responsibility for the pricing, positioning and distribution of CRE debt and CMBS at Deutsche Bank.
Over the last seven years, Forusz has led Deutsche Bank’s syndication effort on more than €30bn of CMBS and CRE loan syndications in both Europe and the US, according to the biog held by GRI. Prior to joining Deutsche Bank, Forusz spent four years on the CMBS principal desk at Goldman Sachs in New York.
Sources close to Forusz and the bank said the departure had been considered since before the June closure of the £302m securitisation of Blackstone’s Chiswick Park, and is thought to have been initiated by a much wider global real estate restructuring programme which has been set in train since the departure of John Nacos, the global head of commercial real estate in February, as reported by CoStar News last month.
Sources close to Forusz believe he will likely re-appear at a real estate debt fund later in the year.
Global head of structured credit Elad Shraga has mandated Europe head, Cyril Courbage, and US head, Jonathan Pollock, to integrate their real estate finance operations into Shraga’s wider global structured credit solution division.
Shraga believes this strategy will better enable Deutsche Bank to exploit untapped synergies, particularly around the bank’s until recently segregated distribution networks.
A source close to the bank told CoStar News last month: “Deutsche Bank is trying to get more integrated, working across existing distribution networks and gain synergies to become more efficient and effective.”
Forusz’s departure is thought to be a consequence of this shift in Deutsche Bank’s global real estate strategy, which has manifested itself in a dissemination of capital market responsibilities away from London and towards New York, where Shraga is based.
Forusz declined to comment.
In July, Deutsche Bank confirmed plans to bring three more European CMBS deals to market this year including: a repackaged securitisation of €225m worth of CMBS bonds from a pre-credit crunch deal, named DECO 2007-E5X A1X; a multi-loan, multi-borrower UK transaction; and a German multi-family deal.
While more than 50% of the DECO 2007-E5X A1X deal was pre-placed when it came to market, there is doubt over whether the German Bank will still be able to bring the two other deals to market so soon, as a deteriorating global macro outlook looks set to curb ABS investor interest in CMBS bonds.