Global real estate advisor CBRE has established its Hotels and Alternative Operational Real Estate offering in Scotland, with the hire of hotel specialist Jonathan Mitchell who joins the Hotels team as an associate director alongside experienced valuations expert Kathryn Bennett, who is taking on a new role focusing solely on the Alternatives market.
CBRE Scotland’s bespoke Hotels and Alternatives offering will concentrate on hotels, leisure, healthcare and student accommodation, and will be supported by over 200 specialist professionals across Europe who are dedicated solely to these fast-growing sectors.
Jonathan Mitchell has a wealth of experience and joins the firm from Lambert Smith Hampton, where he advised a diverse mix of clients, from institutional banks through to private individuals across the hotel and leisure industries. He will be based in the firm’s Edinburgh office.
Jonathan commented: “I was attracted to CBRE Hotels due to its market leading offering across the property lifecycle. I am excited to be joining a dynamic international team as investors show continued interest in the hotel sector.”
Associate director Kathryn Bennett has worked at CBRE for five years and was previously in the Valuation team. She will continue to be based in the Glasgow office, working closely with the national and London teams to grow the Alternatives practice.
Commenting on her new role, Kathryn said: “As alternative assets march to the mainstream, there is an increasing client appetite in Scotland. Investment in alternatives shows little sign of slowing down and the Scotland team are now well placed to advise clients across the board.”
Miller Mathieson, executive director of CBRE in Scotland, added: “We are delighted to bring our Hotel and Alternatives practice to clients in Scotland, particularly with two outstanding professionals. Jonathan and Kathryn, working closely together and with our wider CBRE network, will provide an integrated service in Scotland and across the UK.”
The CBRE EMEA Investor Intentions Survey, a unique study into the buying intentions of hundreds of the largest real estate investors carried out earlier this year, indicated how interest in alternatives continues to rise. Of the 350 investor respondents within EMEA, 72% indicated that they already have holdings in the Alternatives sector, meaning just 28% of investors confine themselves to the mainstream sectors. Of those already invested in alternatives, student housing is the most popular with 33% of respondents currently invested in this accommodation. 70% of respondents said that they are currently actively pursuing new or further investment in alternatives. Student housing is the most popular for this group and accounts for 37% of those targeting alternative investments, followed by retirement living at 26%.