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Bank of America has hired Paul Ogden to the newly created role of head of market development for property derivatives. London-based Ogden reports to Markus Wolfensberger, managing director in structured securities. He joins from CB Richard Ellis /GFI Group, where he headed property derivatives development.

ING Real Estate backs its views by co-investing

International property group Goodman was able to price a £800 million ($1.61 billion) commercial mortgage-backed securitization in July before the debt markets took a turn for the worse. The deal, lead managed by Calyon and Royal Bank of Scotland, was part of a £1.2 billion refinancing of Goodman’s Arlington Business Parks Partnership (ABPP) fund. RBS and Eurohypo acted as arrangers. "We were very pleased to get this deal away in a market that is deteriorating around us," says Jeff Pulsford, Goodman’s European CEO. "It gives the fund stability and confidence in cashflow."

London-based Grosvenor Group transacted its first Japanese property derivatives trade in July. The trade, a two-year total-return swap on the IPD Index for Japan, is the next step in Grosvenor’s foray into the property derivatives market.

Property derivatives continue to grow in popularity, with new funds launching and increasing numbers of banks gaining licences to trade.

The annual selection of the winners of the Real estate awards is based on polling on real estate firms’ performance and achievements over the past 12 months. The awards cover real estate practitioners in nearly 50 countries.

ING Real Estate Investment Management makes a point of co-investing with its clients in its funds, particularly in those appealing to value-added and opportunistic investors, an area it is developing. Laurence Neville reports.