Montréal, December 4, 2009 - As part of the ongoing implementation of its business plan and the development of its key operations in Québec and across Canada, Otéra Capital today announces organizational and strategic changes.
Senior management team
Ross Brennan is appointed President and Chief Executive Officer, replacing Jean Lamothe. Mr. Brennan previously served as Executive Vice-President, Canada. Mr. Lamothe will support his successor until he leaves the firm on December 15.
Alfonso Graceffa is named to the newly created position of Vice-President, Credit and Workouts. Until this appointment, Mr. Graceffa had been responsible for the Canadian Construction Loan portfolio.
In addition to these appointments, Otéra is also announcing that ongoing origination of new loans will be divided geographically between Pierre Leduc, Vice-President, Real Estate Financing, Québec and Eastern Canada, and Paul Chin, Vice-President, Real Estate Financing, Ontario and Western Canada. Mr.Chin will be based in Otéra's newly opened Toronto office.
Mr. Brennan joined Otéra on October 1, 2008, overseeing the full spectrum of commercial real estate financing operations in Canada. Mr. Lamothe says: "Ross is the best candidate to replace me because of his knowledge of the organization and his expertise in the Canadian market, which will help him steer Otéra's growth in the coming years." Mr. Brennan has acquired valuable experience during a career spanning some 30 years in commercial real estate financing, in both Canada and the United States.
René Tremblay, President of the Caisse de dépôt et placement du Québec's Real Estate group, thanked Mr. Lamothe for his valuable contribution: "Speaking personally and on behalf of the Real Estate group, I want to acknowledge Jean's work during the start-up of Otéra and the consolidation of the real estate financing operations. For more than 15 years, Jean has made a major contribution to the group's growth and success, particularly in foreign markets."
About Otéra Capital
Otéra Capital offers a full range of commercial real estate financing, from underwriting to asset management, as well as conventional mortgages and structured products. The Montréal-based company is active in Canada, the United States and Europe. Otéra Capital is a subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada and the United States. Otéra Capital is one of Canada's five main commercial mortgage lenders and is represented on the U.S. market through CW Capital, an American real estate financing leader.
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