Harin Thaker, former Deutsche Pfandbriefbank head of international real estate finance, has taken a non-executive directorship of the board of Secure Property Development & Investment, an AIM-listed South Eastern European-focused property company.
Established in 2005, SPDI – formerly known as Aisi Realty Public – employs a team of 15 experienced professionals operating across three countries. In August 2011, following a transaction with Narrowpeak Consultants a new internalised management team was introduced to settle the company’s liabilities and create and execute a strategy for growth.
Thaker brought a 20-year career with Hypo Real Estate, which then became PBB, to an end in late January and is likely to return to a full-time lending role later this year.
In March, Charles Balch was confirmed as the new head of the UK real estate finance business by Deutsche Pfandbriefbank (PBB), while Gehard Meitinger was promoted as the new head of origination for real estate finance in Germany, as part of a wider restructuring following Thaker’s departure.
Balch, PBB’s former chief credit officer, assumes part of Thaker’s remit – the UK and Central and Eastern Europe (CEE) – while Meitinger steps up to take over head of origination for the German bank’s domestic market, replacing outgoing boss, Reinhold Günter, who leaves the bank after more than 30 years next month.
Thaker’s appointment follows a number of successful turnaround initiatives which have been implemented by the new internal management as part of a wider strategy, to improve the company’s financial strength, and reposition it for future growth.
Thaker said: “Secure Property is a unique, interesting business with significant growth potential, having undergone considerable changes following the introduction of new management, and I am extremely pleased to be joining the Board at such an exciting time in the company’s development.”
Lambros Anagnostopoulos, chief executive officer of Secure Property, said: “To have attracted such a longstanding and well respected real estate professional as Harin as a non-executive board director, and to have access to some of his time, is a real endorsement of the significant financial and operational progress we have made in turning Secure Property around over the last six months.
“Harin’s real estate financing expertise, as well as his extensive experience and contacts in our key markets, will be invaluable in supporting our plans for the Company’s future growth and it gives me great pleasure to welcome him to the board.”