One of commercial property’s most influential leaders gave an exclusive interview to the Financial Times today.
No not Francis Salway of Land Securities, nor Chris Grigg of British Land but Richard Dakin of Lloyds Banking Group.
This relatively unknown Lloyds veteran of 25 years is in charge of the £30 billion troublesome property loan book that the Group largely inherited with it’s takeover of HBOS. He manages a team of 425 staff that review and advise on what is potentially the largest property portfolio in the UK.
In his first major interview he outlines how he hopes to work with his customers (borrowers) to help “manage [them] through the cycle back to mainstream banking”.
He talks of a consensual approach and believes that administration
and sales are the final throw of the dice.
By the end of the year, however, he will have sat over £4billion worth of sales, ranging from the Silverburn shopping centre sold at the start of the year for almost £300 million to £1 million lots from Targetfollow, which this week were put in to the next Acuitus auction.
Mr Dakin claims that he and his team are not getting the recognition they deserve, this article and his actions over the next two years will put him in the spotlight for many a reason.