Philipp was previously an Executive Director in Goldman Sachs’ Real Estate Principal Investment Area, managers of the c. $26 billion Whitehall Funds. Since joining Goldman Sachs in 2000, Philipp has managed transactions across Europe, including retail, office and residential investments, development fundings and the acquisition of non-performing loans. In recent years Philipp’s focus has been primarily on Germany, Austria and Switzerland.
To date, Benson Elliot has made a number of investments in Germany through its first fund, Benson Elliot Real Estate Partners II. These include the acquisition of Düsseldorf’s Deutsch-Japanisches Center, incorporating the well-known Nikko Hotel, and an investment in a performing mezzanine debt tranche secured by a portfolio of sixteen assets, including ten hotels.
Commenting, Trish Barrigan, Senior Partner at Benson Elliot, said: “Germany is a key market for Benson Elliot and, following the closing of our new fund, we anticipate extending our activities in the country. It was therefore a logical step for us to appoint a specialist with extensive experience, a proven skills set and a prominent market profile. Having spent almost ten years as a principal investor, with a particular emphasis on Germany, Philipp’s strong reputation and commercial edge will prove invaluable as we continue to build our presence and evolve our investment strategy in the region.”
Philipp Braschel added: “The German property market faces the same harsh retrenchment as other European markets, on the heels of a weakening economy, de-leveraging of the investment sector and a fall in asset prices. Investment opportunities will undoubtedly present themselves over the next few years, and, with a large pool of discretionary equity, Benson Elliot is perfectly positioned to exploit those opportunities.
“I am looking forward to working on a diverse range of transactions at Benson Elliot, and believe that, despite the economic gloom, the firm’s business model and outstanding team will hold it in good stead.”