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HOUSTON-Locally based Situs Cos. has acquired the primary and special loan servicing business of Global Servicing Solutions Germany GmBH for an undisclosed price. The joint venture between Ocwen Financial and Merrill Lynch opens the way for Situs to expand globally into distressed loan servicing and debt advisory.

The newly acquired firm will be named Situs Global Servicing and will remain in GSSG’s current offices near Frankfurt. The company is rated by Standard & Poor’s as a primary and special servicer, qualifying it to service and provide debt advisory for the public CMBS market.

“This acquisition is a natural extension of our European commercial real estate consulting business and specifically allows us to extend our ‘Life of Loan Services’ to our existing client base,” Ralph Howard, Situs principal and CEO, stated in a release. He added that the company’s multilingual loan workout staff will allow Situs to immediately address opportunities associated within the global commercial mortgage market.

Established in 1985, Situs is a leading provider of commercial real estate services and business solutions to the global financial services industry. The company has offices throughout the US, Europe and Asia.

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