When Nick Millican joined Greycoat Real Estate as CEO in 2012, he inherited a consultancy business with deep expertise but limited operational scope. Over the next decade, Millican transformed the firm into an operating partner with peak assets under management reaching £2.5 billion, cultivating what he describes as "a diverse team that incorporates a unique field of expertise combining finance, structuring and a core bricks and mortar approach." Now, as Greycoat establishes its European platform with a new Paris office, Nick Millican is applying that same philosophy of strategic team-building to continental expansion—and his latest appointment signals exactly how seriously he's taking the opportunity.
In September 2025, Greycoat announced that Semih Bayar Eren would join as Directeur Général and Partner for Greycoat France, while also serving as General Counsel for the firm globally. For those tracking Millican's methodical approach to building Greycoat, the hire represents more than filling a position—it's a deliberate move to replicate the multidisciplinary leadership model that's driven the firm's London success, but adapted for the complexities of European markets.
Why Millican Chose Semih
"We are delighted to welcome Semih to Greycoat," Millican said of the appointment. "His exceptional track record in both international law firms and senior in-house leadership roles will be invaluable as we continue to grow our European platform. His deep expertise in M&A, real estate and governance, alongside his leadership in ESG, makes him an outstanding addition to our team."
That last point—ESG leadership—is particularly telling for anyone familiar with Millican's approach. Under his leadership, Greycoat has positioned sustainability not as a compliance checkbox but as a core strategic advantage. The firm's projects, including the high-profile transformation of 20 Finsbury Dials in partnership with Goldman Sachs Asset Management, have centered on "brown to green" refurbishment strategies that preserve embedded carbon while achieving the highest environmental certifications. For Millican, hiring someone with Semih's ESG credentials isn't peripheral—it's central to how Greycoat intends to compete in European markets where regulatory frameworks around sustainability are tightening rapidly.
Semih brings over 15 years of international legal, management, and corporate finance expertise. Most recently, he served as Head of Legal Affairs, Europe at La Caisse (formerly Ivanhoé Cambridge, the real estate arm of CDPQ), where he supervised legal affairs for the European real estate portfolio and served on both the Global Legal Executive and European Operating Committees. Before that, he spent over a decade at tier-one international law firms Latham & Watkins and Sullivan & Cromwell, advising on large-scale strategic transactions across Europe.
His recognition speaks to his standing in the field: named among the French GC Powerlist 2024's most influential in-house lawyers and identified as a Rising Star in M&A by Legal 500. But what likely caught Millican's attention is how Semih's career mirrors the kind of cross-functional expertise Greycoat prizes. He's not just a lawyer who understands real estate—he's someone who has operated at the intersection of law, finance, investment strategy, and governance at the highest levels of institutional real estate.
The Multidisciplinary Model
Millican has long emphasized that successful real estate development requires more than sector-specific knowledge. When discussing Greycoat's evolution, he's pointed to the importance of combining financial acumen with on-the-ground construction and development expertise. This philosophy informed how he built Greycoat's London team—recruiting not just real estate professionals but creating what he calls "a diverse team" with complementary skills across the investment lifecycle.
Semih's appointment extends this model to Europe. His dual role—leading Greycoat France operationally while serving as global General Counsel—means he'll be involved in everything from sourcing and executing investments to asset management, capital raising, team leadership, and stakeholder engagement. It's the kind of integrative role that reflects Millican's belief that the best real estate decisions come from leaders who understand both deal-making and operations, both legal structures and market dynamics.
The fact that Semih is multilingual—fluent in French, Turkish, and English, with strong command of German and Spanish—also aligns with Millican's continental ambitions. Greycoat has identified Germany as a potential next market after France, and Semih's language capabilities and pan-European experience position him to operate across borders in ways that purely UK-focused executives couldn't.
The Arnaud and Semih Partnership
Semih's appointment comes alongside Arnaud Malbos, who joined Greycoat as a Senior Real Estate Partner earlier in 2025 to head Greycoat France. Arnaud brings 17 years at CDPQ, where he oversaw the European Real Estate investment program, plus nine years at Unibail-Rodamco-Westfield. His track record includes major transactions like the Cohabs co-living platform, the Cœur Défense and DUO towers in Paris, and the acquisition and repositioning of a 17-asset portfolio from Carlyle.
For Millican, pairing Arnaud and Semih appears to be a calculated complementary partnership. Arnaud brings deep operational and investment expertise across European markets; Semih brings legal, governance, and ESG leadership plus senior in-house experience managing complex portfolios. Semih himself noted this synergy: "I am thrilled to be joining Greycoat SAS and to continue collaborating with Arnaud Malbos, with whom I had the pleasure to work with for almost five years."
That prior working relationship—both were at Ivanhoé Cambridge/La Caisse—suggests Millican isn't just hiring talented individuals but reconstructing a proven team dynamic. It's the kind of strategic personnel move that reveals how thoughtfully he's approaching European expansion. Rather than starting from scratch with untested partnerships, he's bringing in leaders who already have established working chemistry and shared institutional knowledge.
What It Signals About Millican's European Vision
Since selling off the majority of Greycoat's assets just before COVID hit—what Millican has described as "more through luck than judgment"—the firm has been positioned with capital and flexibility to pursue new opportunities. The decision to open a Paris office, establish Greycoat France as a formal entity, and recruit senior partners like Arnaud and Semih indicates that Millican sees European expansion not as an experiment but as a central pillar of Greycoat's next phase.
Millican has noted that "there isn't a huge amount of investors looking to invest in office obviously right now," which has created opportunities to acquire assets at favorable valuations. Combined with increasing regulatory pressure to invest in energy-efficient buildings—"people are kind of forced to make their buildings more energy-efficient," as he puts it—the market conditions favor Greycoat's refurbishment-focused approach.
Semih's expertise in M&A, capital markets, and financing will be crucial for executing this strategy. His governance and ESG credentials align with the regulatory landscape Greycoat will navigate in France and across Europe. And his legal background from top-tier firms means he can structure complex deals and partnerships—essential as Greycoat continues its joint venture model with institutional investors like Goldman Sachs.
Building for Scale
What Millican has accomplished with Semih's appointment is creating leadership infrastructure that can scale. Rather than hiring an operator to run Paris deals or a lawyer to handle French legal work, he's brought in someone who can do both while contributing to global strategy. It's an investment in capacity that suggests Millican is thinking beyond individual projects to building a European platform capable of sustained growth.
"I look forward to working alongside Nick Millican and Greycoat's high-caliber and talented team to contribute to the growth of the European platform and help drive its ambitious strategy," Semih said upon joining. That ambition, driven by Millican's vision and enabled by strategic hires like Semih, positions Greycoat not just as a London-focused developer with continental aspirations, but as a firm genuinely building toward pan-European presence.
For Millican, who has already transformed Greycoat once—from consultancy to operating partner—this next transformation may be even more significant. And in Semih Bayar Eren, he's found a partner equipped to help him pull it off.
