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Wachovia Securities Expands Real Estate Capital Markets Business Into Europe.

CHARLOTTE, North Carolina, January 18 /PRNewswire/ --

- Bill Cohane and Peter Riemenschneider to Co-Lead European Expansion

Wachovia Securities announced today that its Real Estate Capital Markets group will begin delivering commercial mortgage loan and REPO finance products in the United Kingdom and Germany. The European expansion will be led jointly by Bill Cohane and Peter Riemenschneider, and both report to Bill Green, managing director and head of Real Estate Capital Markets.

Cohane, a managing director, will manage securitization, structured finance and the REPO/warehouse finance business from the London office. Riemenschneider, a managing director, will focus on origination throughout Europe, initially from Wachovia's Frankfurt and London offices.

"Expanding our real estate capital markets platform into Europe allows us to build on the success we have achieved in the U.S. while leveraging our existing sales and coverage model," said Green. "We have already moved a team to Hong Kong in our effort to penetrate the Asian market. Bill's and Peter's assignments in Europe will capitalize on their strong track records of starting and growing mortgage businesses and will be instrumental in building what will become an increasingly important part of our global real estate capital markets business."

Before assuming his new role in Europe, Cohane started and managed Wachovia's market -- leading commercial mortgage REPO business and was in charge of all fixed and floating rate securitizations. During his career at Wachovia, he has managed the securitization activity for the Corporate Real Estate Finance group. Cohane joined Wachovia in 1997 from the law firm of Rogers & Wells, LLP, where he was an attorney specializing in securitization and real estate law. Cohane also served as an assistant clerk to Chief Justice Warren E. Berger at the United States Supreme Court.

Riemenschneider joins Wachovia after serving as a consultant to the firm on its European strategy. Prior to working with Wachovia, Riemenschneider founded GFGC, an international monoline guaranty company. Prior to GFGC, Riemenschneider was a managing director at Prudential Securities, where he built their commercial mortgage conduit business into a top 10 issuer.

Wachovia is a leader in commercial real estate finance, delivering more than US$67 billion in financing to the sector last year and ranking #1 in loan contributions to CMBS in the first half of 2005. Wachovia services approximately US$180 billion in CMBS and agency mortgages, and US$40 billion in portfolio loans. Wachovia was honored as "Lender of the Year" by Real Estate Finance and Investment, and "Real Estate Investment Bank of the Year" by Global Finance. Wachovia's Real Estate Capital Markets group provides permanent financing through CMBS conduit and mortgage banking, bridge loans, mezzanine financing, equity co-investing, sale-leaseback, and synthetic lease structures. Wachovia also provides M&A and private equity advisory services, public capital access and corporate debt, as well as traditional bank lending and depository services to commercial and residential real estate developers and owners.

About Wachovia's Corporate and Investment Banking Group

Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities' brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S. as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.

Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.

About Wachovia

Wachovia Corporation (NYSE: WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of US$532.4 billion, market capitalization of US$73.9 billion and stockholders' equity of US$46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through

Web site:

Elise Wilkinson of Wachovia Corporation, +1-704-374-6512
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Publication:PR Newswire Europe
Date:Jan 18, 2006
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