The London-based digital bank has appointed Duncan Batty, who previously led the real estate financing platform at M&G Investments, to head a new business division, according to a source familiar with the matter who wished to remain anonymous due to personnel discussions, as reported by Bloomberg.
Batty will be responsible for establishing a commercial real estate lending division from the ground up, as outlined in the job description.
“As Revolut continues to grow, we remain committed to exploring and implementing new opportunities that drive business expansion and innovation,” stated a company representative.
Revolut is entering the commercial real estate market during a challenging time: office buildings have been vacated following the Covid-19 pandemic, and economic uncertainty remains high. Nevertheless, analysts at CBRE predict that the UK commercial real estate market will hit bottom in 2024, with this year expected to show “early signs of recovery” as interest rates and the cost of debt financing decline.