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"This acquisition is a natural extension of our European commercial real estate consulting business and specifically allows us to extend our "Life of Loan Services" to our existing client base," explained Ralph Howard, Principal and Chief Executive Officer. Furthermore, "GSSG has an experienced staff of multilingual loan workout professionals that will allow Situs to immediately address opportunities associated within the deteriorating global commercial mortgage market."
Peter Holzaeuser, Managing Director and General Counsel of GSSG commented that "the acquisition by Situs provides our professionals with a dynamic opportunity to grow professionally with a global commercial real estate services company." Furthermore according to Joe Kastrup, Managing Director and Head of Situs European Servicing, "Situs' commitment to put the service back into the loan servicing business allows us to focus on best of class customer service in a market that has been overwhelmed by mounting delinquencies, which have resulted in overall declining customer satisfaction."
The acquired firm will be branded Situs Global Servicing (SGS) and will remain in GSSG's offices outside of Frankfurt, Germany. The Company is currently rated by Standard & Poor's as a Primary and Special Servicer, which specifically qualifies the company to service and provide debt advisory for publicly traded commercial mortgage backed securities (CMBS). The Situs Companies is also a rated Primary & Special Servicer by both Standard & Poor's and Fitch Rating agencies. This acquisition brings Situs' total servicing and surveillance global platform to more than $19 billion.
About Situs
The Situs Companies is a leading provider of commercial real estate services and business solutions to the global financial services industry. Since 1985, clients have relied on Situs' trusted insight and experience. Combining creativity, flexibility and strategic planning, the company offers services including, Real Estate Consulting, Strategic Real Estate Advisory, Loan Servicing & Asset Management, Outsourcing Solutions, and Brokerage Services. More recently the company added Loan Workout Advisory, through its affiliate Oasis Real Estate Partners. Privately held, The Situs Companies are headquartered in Houston, TX and have offices through the United States, Europe and Asia. Visit out website at www.situscompanies.com.
SOURCE Situs Companies
http://www.situscompanies.com
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