
European Real Estate Industry Outlook 2021
Secular trends are accelerating while driving differentiation of credit quality
This event is part of a three month Outlooks program which will provide insight and analysis on the key themes, sectors, and regions in what is set to be a fascinating year for the markets
- Long-lasting effects of COVID-19
- Winners and losers
- Impact of fragile and uneven economic recovery on commercial real estate
- Low interest rates for longer
- Retail and office REITs face credit challenges
- M&A is a credit challenge regardless of sector
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Anke Rindermann is an Associate Managing Director in the Corporate Finance Group and has been with Moody’s in Frankfurt since 2007.
Anke is managing a team of analysts covering Moody’s European real estate franchise. In addition, she is leading a team of analysts focusing on leisure, shipping, auto suppliers and forest products industries.
Prior roles at Moody’s included lead analyst responsibility for European paper and forest products companies, industrial gases manufacturers and cross-over packaging companies in EMEA.
Before joining Moody’s, Anke spent several years working in Credit Risk Management at Commerzbank in Frankfurt and New York and before that at Deutsche Bank. She studied at Frankfurt School of Finance and Management and at the University of Queensland in Australia, and holds a degree in Business Administration. Anke is a chartered Financial Risk Manager and a Certified Credit Analyst (DVFA).

Ana Luz Silva Robles is an Assistant Vice President – Analyst in Moody’s Corporate Finance Group. Based in Frankfurt, she is responsible for a portfolio of predominantly real estate issuers. Ana joined Moody’s in 2018 from Société Générale in Frankfurt, where she spent more than three years as a corporate credit analyst, covering large-cap and midcap names from the Real Estate, Chemicals and Healthcare industries. Prior to that, she spent nearly 2 years at Braskem Europe, as a credit risk manager of a wide customer base across diverse industries. Her career as credit analyst started in 2010 within the international corporate real estate arm of Commerzbank group in Mexico City and she was transferred to Germany in 2012 to oversee the Mexican commercial real estate portfolio. Ana has a Master’s degree in Finance from the Goethe University in Frankfurt and is a CFA Charter holder.

Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis with Swedish banks and rating agencies. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |

Ramzi is a Vice President in Moody’s Corporate Finance Group in London focused on real estate.
He joined Moody’s in February 2011 as a lead analyst in EMEA CMBS responsible for analysing and rating a large variety of commercial mortgage backed transactions across all EMEA jurisdictions and property types. Ramzi’s responsibilities also included researching and analysing property market data and tracking European occupational and investment market trends.
Ramzi also worked in Moody’s Financial Institutions Group’s Analytics Team, where he was instrumental in conducting successful stress tests for banks globally as well as monitoring bank asset quality.
Prior to beginning his career at Moody’s in 2011, Ramzi spent 15 years working with a variety of European banks as a real estate credit specialist, and also worked in the Middle East on real estate development projects.
Ramzi’s prior roles included working as a senior real estate credit officer at the Royal Bank of Scotland. He also worked as deputy head of portfolio management at pbb Deutsche Pfandbriefbank with direct risk responsibility for a large real estate finance portfolio covering a diverse range of assets including office, retail, industrial, hotels, residential, and healthcare.
Ramzi earned his MSc in Real Estate Investment from the Cass Business School. He also holds an MSc in Finance and a BA in General Management, both from Boston College.

Oliver joined Moody's in May 2005. He is a lead analyst covering various real estate Issuers across EMEA. He started his career at Moody's in the CMBS team, where he has been working on CMBS transactions across all EMEA jurisdictions and property types, and was instrumental in methodology developments as well as sector and individual transaction surveillance. Oliver is located in Moody's Frankfurt office. Prior to joining Moody's Oliver worked within the finance department of Roche Diagnostics and spent 2 years at a German savings bank.