Aareal Bank AG is continuing the strategic reorientation of its US business. This development is taking place within the framework of the Aareal Ambition strategy, which has already seen a reduction in US office property loans and a structural transformation of the US portfolio. The focus is now increasingly on financing in the living and hospitality sectors, which necessitates an adjustment to the leadership structures of Aareal Capital Corporation (ACC) – the US subsidiary of the Aareal Bank Group.
As of 15 June 2026, Caroline Mahl Patel will commence her work at Aareal Bank and will assume the positions of CEO and Head of Origination for ACC from 1 August 2026. In this role, she will take on the leadership and responsibility for Aareal Bank's North American business, a market in which the company has been active for more than 20 years. Caroline Mahl Patel brings over two decades of experience in commercial real estate finance and possesses specific expertise in the hospitality and specialist property sectors. She joins from Wells Fargo, where she most recently served as Managing Director and Head of Portfolio Management & Underwriting for Specialty Real Estate, having spent over ten years in lending.
Strategic Priorities and Leadership Positions
Christof Winkelmann, Member of the Management Board responsible for Markets at Aareal Bank, reaffirmed the significance of the USA as the largest and most homogenous real estate market for the company's international business. He emphasised that with Caroline Mahl Patel, an experienced leader with expertise in commercial real estate finance, particularly in hotel properties, has been secured. Her knowledge of the North American market is expected to drive the sustainable transformation of the US portfolio and the expansion of the hospitality business in the premium segment. Ms Mahl Patel also stated that Aareal Bank holds a strong market position in structured real estate finance. She expressed her enthusiasm to work with her team to shape the US business with a clear focus on high-quality properties and the development of long-term client relationships.
Michael Dalton, the outgoing CEO of ACC, will remain with the company and will refocus on his role as Chief Risk Officer (CRO) on the ACC Board from 1 July 2026. In this position, he will be responsible for US Credit Management and will particularly dedicate himself to the recovery and restructuring of non-performing loans to support a successful repositioning of the US business. Mr Winkelmann acknowledged Mr Dalton's work, who, during a challenging phase, additionally held the position of CEO of ACC alongside his risk function, thereby establishing a foundation for the stabilisation and reorientation of the US business.
Activities and Staff
Aareal Bank's business focus in North America is on financing high-quality properties in metropolitan areas, characterised by prime locations and favourable risk profiles. Aareal Capital Corporation employs approximately 35 staff in New York who support these activities.
