ASSET CLASSES

SPECIAL SITUATIONS​

With over 20 years of experience, Greycoat specialises in complex, high-value special situations – sourcing, acquiring, financing, managing, and exiting opportunities across real estate, hybrid real estate/infrastructure, and related asset classes. We focus on distressed and undervalued assets, leveraging deep private equity and real estate networks to unlock value through active management, restructuring, and a fully integrated platform from origination to operations.

KEY CONTACTS

NICK MILLICAN - CEO

NICK MILLICAN - CEO

Nick Millican is the firm’s Chief Executive Officer

and is responsible for overseeing the firm’s operations and growth. 

Appointed in 2012, he has driven the company’s London office program as well as its European and sector expansion. Under Nick’s leadership, Greycoat has grown from a largely consultancy based business in September 2012 to an AUM of £1.9bn as of 31 December 2024.

Prior to Greycoat, Nick worked in investment banking and private equity real estate for 9 years, latterly as lead of Rockpoint Group’s investment and asset management activities in Europe. 

Nick graduated with a Masters of Chemistry from the University of Oxford.

[email protected]
ARNAUD MALBOS - SENIOR MANAGING PARTNER - FRANCE

ARNAUD MALBOS - SENIOR MANAGING PARTNER - FRANCE

Arnaud is Partner and Head of France

and is responsible for leading Greycoat’s growth and business activities across France and neighbouring geographies. 

Appointed in 2025, Arnaud brings over 25 years of experience in European real estate investment, development and asset management. Prior to Greycoat, he spent 17 years at CDPQ, where he oversaw the firm’s European real estate investment program and 9 years at Unibail-Rodamco-Westfield within its office division. 

Arnaud has been involved in some of Europe’s most notable transactions and developments across office, logistics and alternative residential sectors, including Coer Defense, the DUO towers, Cohabs and PLP.

Arnaud completed DEUG-level studies in Economics at Université Paris X and received formal training in Real Estate Management at EFAB.

[email protected]
EWEN MACPHERSON - CFO

EWEN MACPHERSON - CFO

Ewen Macpherson is the firm’s Chief Financial Officer.

Ewen joined Greycoat in 2015 and is responsible for corporate finance and financial management across the group. Ewen is part of the Executive leadership team and his role includes overseeing investor relations, structuring and executing transactions, and securing both development and investment financing for Greycoat’s projects.

Prior to joining Greycoat, Ewen spent seven years leading corporate finance at Telereal, following eleven years in investment banking with Schroders, Citigroup, and Morgan Stanley. During this time, he originated and executed major transactions including the £2.4 billion sale of BT Property, the £477 million take-private of BPT, and the €2.7 billion acquisition of Taittinger and its hotel business, as well as numerous IPOs and over £12 billion of debt financings.

At Greycoat, Ewen has been instrumental in structuring and executing many of the firm’s key transactions, including the financings of Premier Place and Stirling Square, the negotiation of £170 million of structured co-investment from a leading European buyout fund, and the execution of deals such as Premier Place, Vintners Place, and Christchurch Court.

Ewen holds an MA in Medieval History from the University of St Andrews, is ACA qualified, has DELF B1 certification in French, and holds a Private Pilot Licence (Aeroplanes).

[email protected]
SEMIH BAYAR EREN - GROUP GENERAL COUNSEL - DIRECTEUR GÉNÉRAL

SEMIH BAYAR EREN - GROUP GENERAL COUNSEL - DIRECTEUR GÉNÉRAL

Semih is the firm's Directeur Général, in France and acts as Group General Counsel.

Semih brings over 15 years of international legal, management, and corporate finance expertise, with a focus on M&A, real estate investment, capital markets, financing, ESG, and governance.

As Directeur Général and partner in France and Group General Counsel, Semih will oversee and contribute to the strategic and operational development of Greycoat in France and across Europe, with responsibilities spanning investment sourcing and execution, asset management, capital raising, team leadership, and stakeholder engagement.

Previously Head of Legal Affairs, Europe at La Caisse (formerly Ivanhoé Cambridge), Semih oversaw the European real estate portfolio and served on both the Global Legal Executive and European Operating Committees. Earlier in his career, he spent over a decade at tier-one law firms Latham & Watkins and Sullivan & Cromwell, advising on major strategic transactions across Europe.

A graduate of HEC Paris, Paris II University, and the University of London, Semih is fluent in Turkish, French, and English, with strong command of German and Spanish. He was recognised among the French GC Powerlist 2024’s most influential in-house lawyers and as a Rising Star in M&A by Legal 500.

[email protected]
CHRIS ORR - DIRECTOR - ASSET MANAGEMENT

CHRIS ORR - DIRECTOR - ASSET MANAGEMENT

Chris joined Greycoat in 2019 and leads the asset management of the investments in Greycoat's portfolio.

With over 25 years of experience in real estate, he is responsible for The Lime Street Estate, where he has achieved over 20 new lease transactions and restructured existing leases to facilitate future redevelopment. His work also includes the mobilisation of Premier Place, Procession House, and the Sancroft Building.

Chris previously worked at CIT Group Partners as a Managing Director, overseeing their UK and European portfolios of office, retail, and alternative assets.

Chris is a member of the Royal Institution of Chartered Surveyors.

[email protected]
KEVIN PAYNE - COO

KEVIN PAYNE - COO

Kevin is Greycoat’s Chief Operating Officer

and is responsible for leading the firm’s operational strategy.

Since joining the business in 2019 and being appointed COO in 2025, Kevin oversees the teams across some of Greycoat’s most significant office projects, including the recently completed DIALS, Premier Place, Procession House, Vintners Place and Stirling Square. He works closely with the wider team to ensure that projects are delivered to the highest standard, with a particular focus on team leadership, operational efficiency and construction excellence.

Kevin brings over 20 years of experience in the development industry, with a career spanning senior roles at Unibail-Rodamco-Westfield, Mount Anvil and Berkeley Group. Notably, he led operations on landmark schemes including the 37-storey SOM-designed Lexicon London and the 26-storey mixed-use Eagle Point development by Sir Terry Farrell.

Kevin holds an MSc in Construction Project Management and has specialist interests in team organisation and process management.

[email protected]

CASE STUDIES

MOTO

MOTO

MOTO is the UK’s largest owner and operator of Motorway Service Areas, with a 2014 EBITDA of £91.8m.

Greycoat, in joint venture with Cheyne Capital, acquired an 85% interest in EPIC – an investment vehicle holding a 17.5% stake in MOTO – for £45.2m through a share placement and secondary purchase.

During Greycoat’s investment period, MOTO refinanced its debt, reducing its weighted cost of capital from c.10% to c.5.6%, while increasing EBITDA by over 10%. In late 2015, EPIC and fellow shareholders sold MOTO to the Universities Superannuation Scheme, realising cash proceeds of 77.8p per share.

CHELMSFORD GARDEN COMMUNITY
London, WC2

In partnership with Oaktree Capital Management, Greycoat established Halley Developments in 2021 to acquire Powers Farm.

A key part of the North-East Chelmsford Garden Community, set to deliver over 5,000 new homes.

As Asset and Development Manager, Greycoat is shaping a new sustainable neighbourhood with up to 1,250 homes, vibrant community spaces, and essential infrastructure. Guided by a long-term vision to create connected, high-quality places to live, work, and thrive, the team is delivering the groundwork for future growth.

This approach has already unlocked significant progress, including a major land sale enabling over 500 new homes, helping to accelerate much-needed housing delivery for Chelmsford’s growing community.

55 HA

FREEHOLD

2021 - ONGOING

Pictures of 90 High Holborn project interior office area

90 HIGH HOLBORN
WC1V 6JL

Grade A office building in London's Midtown, offering strong long term asset management potential.

Originally constructed in the 1930s, the property comprises 23,000 sq ft of fully let office space across eight floors, with retail accommodation at ground level. The building presents significant opportunities for modernisation and long-term asset management, aligning with Greycoat’s commitment to delivering sustainable, high-quality spaces and fostering strong tenant relationships. Greycoat is implementing environmental and wellness-focused upgrades to enhance energy performance while providing first-class asset management to its valued tenants, reinforcing its long-term investment approach and dedication to maintaining and improving its portfolio.

TENURE - Freehold TIMELINE - 2024 - Ongoing AREA - 180,000 SQ ft TENANTS - Labs, Quinn Emmanuel Urqhart & Sullivan, UCL

Picture of the DIALS reception area

DIALS

A 140,000 sq ft project in the heart of London to renovate an existing building into an EPC A rated best in class asset.

In 2023, Greycoat, in partnership with Goldman Sachs, acquired 20 Finsbury Dials, the former London headquarters of J.P. Morgan. Located near Liverpool Street and and Moorgate stations, this excellently positioned building is undergoing a comprehensive refurbishment and repositioning. Set to complete in late 2025, the project – designed by Stiff + Trevillion Architects – aims to deliver a best-in-class, high-performance office building with exceptional sustainability, wellness, and environmental credentials, reflecting Greycoat and Goldman Sachs’ shared commitment to responsible, future-ready design.

TENURE - Freehold TIMELINE - 2024 - Ongoing AREA - 180,000 SQ ft TENANTS - Labs, Quinn Emmanuel Urqhart & Sullivan, UCL

DIALS
London, WC2

A 140,000 sq ft project in the heart of London to renovate an existing building into an EPC A rated best in class asset.

Originally constructed in the 1930s, the property comprises 23,000 sq ft of fully let office space across eight floors, with retail accommodation at ground level. The building presents significant opportunities for modernisation and long-term asset management, aligning with Greycoat’s commitment to delivering sustainable, high-quality spaces and fostering strong tenant relationships. Greycoat is implementing environmental and wellness-focused upgrades to enhance energy performance while providing first-class asset management to its valued tenants, reinforcing its long-term investment approach and dedication to maintaining and improving its portfolio.

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