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Author: Stephanie Crawford

Centrus strengthens global infrastructure credentials with new Managing Director

Posted on by Stephanie Crawford

Centrus today announces the hire of Christian Schmid as a Managing Director in its infrastructure team.

Christian brings over 20 years of advisory, financing and investing experience in infrastructure assets across Europe, North America and Australia.  Throughout his career, he has led the origination and execution of infrastructure transactions valued at approximately US$40 billion, demonstrating a proven track record of success. Notably, Christian possesses expertise in acting on both the
buy-side and sell-side of large transactions, with a particular focus on energy transition investments.

Christian was most recently Co-Head of Infrastructure at Slate Asset Management and previously held positions at QIC and RBC Capital Markets. He will strengthen Centrus’ global M&A offering to sponsors with his focus on the UK, US & German markets.

“We are thrilled to welcome Christian to the Centrus team. His extensive experience and deep understanding of the global infrastructure landscape will be invaluable as we continue to grow our global M&A practice alongside our strong offering in Debt Advisory and Risk Advisory.”

Geoff Knight, Managing Director – Centrus

“I am excited to join Centrus at a pivotal point for the company as we look to expand on our M&A offering to corporates, developers and financial sponsors across different jurisdictions. Centrus has a strong, agile team with impressive expertise across infrastructure services and I join the business at an interesting time for sustainable finance in the sector.”

Christian Schmid, Managing Director – Centrus

Centrus bolsters higher education credentials with new Senior Advisor

Posted on by Stephanie Crawford

Centrus, the global corporate finance firm specialising in real assets and essential services, today announces the appointment of Russell Schofield-Bezer as a Senior Advisor to the Higher Education team.

Russell is the founder and CEO of RSB Advisory Ltd. which has been established to provide universities and other organisations with advice on strategy development, stakeholder engagement, and industrial partnerships.

Working with Centrus, Russell will be supporting the firm’s strategic growth ambitions with independent schools, colleges, and universities, including a special focus on financing across student accommodation, campus real estate and energy transition.

Russell is currently a board member at the University of Lincoln, serving as the Chair of the Finance, Infrastructure and Investment Committee, and previously worked as an independent investment advisor to the Universities of Manchester, Leeds and Sheffield and as Chief Operating Officer at Northern Gritstone.

Russell brings over 30 years of capital raising and investment experience, gained across 14 years spent at HSBC split across time in London and New York, most recently as the Chief Investment Officer of the Private Bank in the Americas, following 15 years in senior positions at JPMorgan Chase.

“Russell’s expertise and links in the education space will bolster our Higher Education offering to enable us to better help educational institutions to build financial strategies, access capital and manage risk.”

Phil Jenkins, CEO at Centrus

“I’m looking forward to working with the Centrus team to develop strategic partnerships with leading educational institutions. Centrus has an impressive track record in the higher education sector, and together we will build on our collective expertise to help these institutions navigate the financial challenges currently facing the sector.”

Russell Schofield-Bezer, Special Advisor, Higher Education at Centrus

Centrus Serves Up Smiles at Blackfriars Settlement

Posted on by Stephanie Crawford

For the second year in a row, our team had the privilege of volunteering at Blackfriars Settlement, where we spent the day preparing and serving lunch to the wonderful members of their Positive Ageing Group.

Located in North Southwark, Blackfriars Settlement has been a vital part of the community since 1887, dedicated to supporting those who need it most. Established by volunteers, the centre continues its mission to enhance the well-being of vulnerable individuals in the area.

We are grateful to the Blackfriars Settlement community for another incredible experience! To learn more about how you can get involved, click here.

UK Affordable Housing Market Update | July 2024

Posted on by Stephanie Crawford


Market update

  • The new Planning and Infrastructure Bill, announced on Wednesday, aims to simplify the planning consent process and significant changes to the National Planning Policy Framework are expected later this month. Changes will take time to implement, and there will continue to be planning and supply bottlenecks, but the ambition and drive for new housing supply is likely to have an impact on Housing Association balance sheets later this decade.
  • Real wage growth is 3.7%, and service inflation remains at 5.7%, indicating resilience in the UK economy. Both metrics will need to fall for interest rate cuts to begin. We haven’t seen material real wage growth sustained for more than a year since the early 2000s.
  • The 5-year swap rate has decoupled marginally and is no longer above the 20-year rate. This is the first sign of the yield curve inversion reversing.
  • The key messages on swaps are a flat curve across tenors with a c. 10 bps range between 5 and 20 years, and low volatility with a change in economic data required to see a meaningful fall in rates.
  • Movements in 3-month SONIA projections have tempered recently, compared to earlier in 2024, a sign of increasing stability. One rate cut is expected in 2024, and three by summer 2025.


Implications for clients

  • Unless the economy shows signs of weakness and real wage growth falls back materially, it is difficult to visualise a meaningfully lower swap curve. The current 10-year swap rate of c. 3.8% is an attractive entry point at the lower end of the 2024 range, with limited signs of a fundamental shift.
  • With the 30-year gilt rate at c. 4.5% and spreads almost at record lows, longer dated and covenant light DCM notes offer good value. Investor demand is driving availability and value of innovative solutions such as variable to fix or shelf facilities.
  • The general sense of stability combined with tight margins and spreads makes now a good time to lock in capital.

Recent client activity

At Centrus, we are dedicated to providing strategic financial solutions and support to our clients. Our recent activities include:

Portfolio Restructure: Centrus led the successful restructuring of Jigsaw’s portfolio by removing MRI, including from a Private Placement. This initiative increased liquidity and significantly eased financial support and merger controls.

Portfolio Restructure: We secured £175m in new facilities and restructured £195m of existing ones for Cottsway. This comprehensive refinancing, which included a £75m new private placement, resulted in substantial interest savings, harmonized covenants, and reduced treasury risks.

Portfolio Restructure: Centrus guided Hafod Housing through a £90m portfolio restructure and secured £70m in new funding. We identified the optimal funding solution and executed the strategy, ensuring efficient financial management and stability for Hafod Housing.

To learn more about our work in the affordable housing sector, click here.

For more information, please contact Paul Stevens or John Tattersall.