Real Estate Restructuring

Assess options, optimise portfolios, protect value.

Whether you are an owner, investor or occupier, real estate forms a crucial part of any organisation’s strategy and is often a key consideration during times of change or distress. And as the ways we interact and use physical space change due to rapidly changing behaviours, technology and environmental considerations, this is becoming more important.

We provide advice to stakeholders who want to:

  • Understand their existing or prospective tenant covenant strength, either at an individual or on a portfolio-wide scale;
  • Protect asset value and income when faced with a tenant default or insolvency;
  • Understand available options for an under-performing asset, including asset management in existing use, redevelopment, repurposing and/or change in ownership;
  • Optimise their organisation’s property cost base and right-size their estate to reflect their future operating model;
  • Access new debt or equity capital for a distressed asset or portfolio;
  • Consider enforcement / insolvency options that will best preserve value and optimise stakeholder outcomes; or
  • Adapt their owned or leased real estate to prepare for a sustainable future, including transition to Net Zero.

Our diverse team encompasses chartered surveyors, turnaround and restructuring experts and insolvency practitioners, bringing you varied skills, experience and perspectives to ensure that every avenue is explored as we seek the best outcome to suit your needs.

We have significant breadth and depth of experience in a range of real estate restructuring situations, meaning we understand the key value drivers in a fast-changing sector. Our deep technical experience also helps us to quickly adapt to new challenges and opportunities, including those arising out of Covid-19 legislation.

How our business restructuring specialists can help you

Our specialist real estate team, part of our Real Assets practice, provide market-leading insight and knowledge - ensuring that we provide fact-based clear opinions, advice and recommendations to our clients.

Managing financial stakeholders in real estate situations

  • Financial covenant reviews
  • Cash flow forecast reviews
  • Bringing sector insight and expertise to review, critically assess and provide advice and recommendations

Property cost reduction

  • Consensual lease renegotiations
  • Estate rationalisation and right-sizing of property costs, including advice on transition to alternative working arrangements such as hybrid working
  • Specialist advice on managing property maintenance and service costs

Tenant covenant reviews

  • Rapid review of tenant covenant strength to inform leasing decisions, negotiations and forecasting
  • Use of the latest technology and data analysis tools to provide interactive dashboards

Development project support

  • Review and advice on development projects (single site or large multi-purpose schemes)
  • Significant experience of supporting development projects and providing value adding insight and advice

Debt and capital advisory

  • Specialist Real Estate debt advisors providing access to a diverse investor community of global banks, funds and investors, providing debt sourcing and liquidity analysis, current market liquidity and pricing guidance

CVA+ / Restructuring Plan

  • Where consensual negotiations are not an option, we can help stakeholders understand whether a CVA or restructuring plan could be used to right-size their property estate
  • We can also help to identify what alternative options exist
  • Our approach is to use these tools as part of a holistic business recovery plan, ensuring that all stakeholders share in the responsibility

Insolvency solutions

  • Planning and implementation of insolvency solutions to maximise outcomes for our clients, identifying the best tools to use in each situation
  • Taking control of secured assets to effectively realise value for creditors at pace
  • A highly experienced real estate insolvency team that is used to managing small real estate cases to the largest and most complex situations globally

Contact us

Mark Addley

Mark Addley

Restructuring and Insolvency Leader, PwC United Kingdom

Tel: +44 (0)7715 211555

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