Real Estate Corporate Finance

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TheBeNeRealEstateCorporateFinanceteamisaspecialistteamwithinEYRealEstateAdvisoryServices(REAS)providingcorporatefinanceleadadvisoryservicesinrealestaterelatedissues.

EYREASprovidesservicessuchasstrategicrealestateadvice,realestatevaluation&businessmodelingandcorporaterealestatemanagementadvice.EYREASispartofEYTransactionAdvisoryServices(TAS)department. TheRealEstateCorporateFinanceteamexistsofdedicatedrealestatefinanceprofessionalswhocombinewideexperienceintherealestateindustry,withapracticalapproachtoapplyingtheirknowledgeinrealestaterelatedtransactions.Thisisaresultofemployingadiversemixofindividualsincludingrealestateinvestmentbankers,surveyors,financialmodelers,investmentmanagersandfundmanagers.

Wehaveextensiveexperienceinhelpingclientsaddressissuesrangingfromdebtrestructuringandre-leveragingthroughtojointventurestructuring,equityplacementandrealestateacquisitionsanddisposals.

ServicesWhetheryourobjectivesaretoreleaseorraisecapital,acquireor/anddisposerealestate,orimplementcomplexfinancialsolutions,ourRealEstateCorporateFinanceteambringsexperienceto maximize financialandstrategicreturns,whichisapplicableonrealestatebusinesses,loans,portfoliosand/orindividualassets.TheRealEstateCorporateFinanceteamprovidesthefollowingservices.

Real Estate Corporate Finance

1. Buy-side AdviceWeactasleadadvisorfortheacquisitionofrealestatebusiness,loans,portfoliosandindividualassets.Wecanhelpyouassessthestrategicfitofabusinessbyprojectmanagingthesteps,assistinginnegotiationsanddevelopingfinancialmodels. DevelopmentofM&Astrategiesandadvice Transactionsupportontheacquisitionofrealestate

businesses,loans,portfoliosandindividualassets Identifyingthepotentialsellersandtheappropriatemethod

ofapproachtothemarket Comparabledataandmarketintelligence,coveringall

propertysectors (Re)structuringtransactions Developmentofinvestment/portfoliostrategy Developarangeofcommercialacquisitionsolutionsto

meetyourindividualrequirements

2. Fund AdvisoryWeprovideabroadrangeoffundmanagementservicestoclientsonacustomizedbasisinordertomaximizereturns. Fundstructuring Portfoliostrategyadvice Structuringofalternativefinancestrategies,e.g.,debt

funds

3. Capital Advisory (Debt/Equity)Weofferadvicetoclientsonawiderangeofcapitalraisingtransactions.Weassistcompaniesraisingdebtandequitycapitalandadviceonstructuredcapitaltransactions. Arrangingequityforacquisitionorrefinancingofreal

estatefunds,jointventuresandprojectfinancings Arrangingdebt(seniorbankdebtthroughtomezzanine)

foracquisitionorrefinancingofrealestateinvestments,developmentsorentitiesowningrealestate

Financingstrategyandoptionappraisals

Acquisition Management Disposition

1. Buy-side Advice

3. Capital Advisory (Debt/Equity)

5. Investment Management Advisory

6. (Owner) Occupier Solutions

7. Development Advisory

9. Sell-side Advice

10. Vendor Due Diligence8. Real Estate Restructuring

4. Acquisition Due Diligence

2. Fund Advisory

Integrated Real Estate Solutions

4. Acquisition Due DiligenceInvestigatingtheobjectofpurchaseaddsvalueandidentifiesriskstotheentireprocessofbuyingandintegrating. Realestaterelatedduediligenceinconjunctionwith

technicalandfinancialduediligence Realestateduediligenceforsingleassets,portfolios,loans,

realestatecompaniesandNPLrealestatecollaterals Identificationoffinancialandmarketrelatedrealestaterisks Realestatevaluations

5. Investment Management AdvisoryWehelpclientsprepareforgrowth,manageriskandincreaseinvestmentreturnsfortheirshareholders. Hold/sellanalysis Identifyexitscenariosandworkoutstrategies ReviewInvestmentManagementstrategies Rentalanalysis,forecastsandinvestment&portfolioanalysis Selectionandappointmentofassetmanagers,agentsand

otherprofessionals Reviewperformanceofrealestateassetmanagement

organizations

6. (Owner) Occupier Solutions Weprovidestrategicadvicetocorporatestomaximizevaluefromtheirrealestateportfolio. (Structured)Sale&Leasebacks Balancesheetoptimisation Optimizingpropertyportfolios/-management Operationalperformanceanalysis Capitalplanningandefficiency Outsourcingstrategies

7. Development AdvisoryWeassistcompaniesindeliveringsuccessfulrealestatedevelopmentprojects.Strategicadvisoryfordevelopmentprojects. Feasibilityandsensitivitystudies

8. Real Estate Restructuring Togetherwithourspecialistrestructuringteams,weprovideawiderangeofrealestaterestructuringadvice. Development/identificationofrestructuringoptions Adviceonthemostappropriateenforcementmethod Advisingonnon-appointmentrestructuringoptions Optimizingcapitalstructureandimprovingworkingcapital Identifyportfoliorisks(includinglegal,debtandtaxissues)

9. Sell-side AdviceWeactasleadadvisorofthedispositionofrealestatebusiness,loans,portfoliosandindividualassets. Transactionsupportonthedispositionofrealestate

businesses,loans,portfoliosandindividualassets Identifyingthepotentialbuyerspoolandmethodof

approachtothemarket Arranginginvestment/salesdocumentsandmemorandums,

includingmodelling Developarangeofcommercialdispositionsolutionsto

meetyourindividualrequirements

10. Vendor Due DiligenceWhensellingarealestatebusiness,loan,portfolioor/andindividualassetvendorduediligencehasmultiplefunctionstospeeduptheprocessandmakeanearlyinsightintotherisks. Fullvendorduediligenceservices(see4.DueDiligence) Settingupthedataroomcontainingallrelevantdue

diligencedocuments

Acquisition Management Disposition

1. Buy-side Advice

3. Capital Advisory (Debt/Equity)

5. Investment Management Advisory

6. (Owner) Occupier Solutions

7. Development Advisory

9. Sell-side Advice

10. Vendor Due Diligence8. Real Estate Restructuring

4. Acquisition Due Diligence

2. Fund Advisory

Integrated Real Estate Solutions

Tristan DhondtPartner Real Estate Advisory Services Office: +3227746017 Mobile: +32497480486 tristan.dhondt@be.ey.com

Stefan van den BrinkSr Manager Real Estate Advisory Services Office: +31884072405 Mobile: +31629083148 stefan.van.den.brink@nl.ey.com

Jeroen MuisSr Consultant Real Estate Advisory Services Office: +31884072403 Mobile: +31621252363 jeroen.muis@nl.ey.com

Inthecurrentmarketwheretransactionsaredifficulttofind,ourclientsrelyonourblendofsectorexpertiseandmarketexperiencetoassisttheminallstagesofthetransactionprocess.Byworkingasanintegratedteamandbeingabletodrawonprofessionalsfromtax,audit,assurance,legalandnotaryservices,advisoryfunctionsandotherdedicatedrealestateconsultantsacrosstheglobe,weensurethatinnovativesolutionsareimplementedtogeneraterealvalueforourclients.

Advisory RiskProperlyapproached,theprocessofriskmanagementcanaddvalue.Inworkingthroughscenariosandimpactanalysis,realestate,hospitalityandconstructioncompanies,aswellasrealestatefunds,mayfindopportunitiestotightenprocessesandcontrolsthatmakethemmoreagileandabletooperatemoreeffectivelyinanymarketconditions.Theseinclude: Strategicrisk Financialrisk Operationalrisk

Compliancerisk Transactionalrisk Technologyandsecurityrisk

Advisory Performance ImprovementOurapproachprovidesindependent,objectiveandhigh-valuebusinessadvicetotheworldsmostsuccessfulrealestateinvestors,developers,owners,lendersandusers.Ouradvisorsbringawealthofexperience,knowledgeandbusinesscapabilitytohelpyouachievemeasureableandsustainableperformanceimprovementintodayscompetitiveenvironment.Theseinclude: Commercialdesignandstrategic

planning Establishinginvestment

governance

Businessprocessandoperationalperformanceimprovements

Repositioninganalysis Feasibilitystudies Programadvisory

Contacts

EY|Assurance|Tax|Transactions|Advisory

About EYEYisagloballeaderinassurance,tax,transactionandadvisoryservices.Theinsightsandqualityserviceswedeliverhelpbuildtrustandconfidenceinthecapitalmarketsandineconomiestheworldover.Wedevelopoutstandingleaderswhoteamtodeliveronourpromisestoallofourstakeholders.Insodoing,weplayacriticalroleinbuildingabetterworkingworldforourpeople,forourclientsandforourcommunities.

EYreferstotheglobalorganizationandmayrefertooneormoreofthememberfirmsofErnst&YoungGlobalLimited,eachofwhichisaseparateLegalentity.Ernst&YoungGlobalLimited,aUKcompanylimitedbyguarantee,doesnotprovideservicestoclients.Formoreinformationaboutourorganization,pleasevisitey.com.

2014Ernst&YoungAccountantsLLP.AllRightsReserved.

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Integrated Real Estate SolutionsTaxRealestatetaxissuesareoftenextremelyintricate.Understandingthenumerouscomplexareasoftaxationimportanttothoseintherealestateindustryrequiresablendofindustryspecificskillsandtechnicalknowledge.Ournetworkhelpsustoassistyouinmanagingthedetailsofcross-bordertaxplanningandadministrationtooperateinacommerciallyviableandpracticalway.Theseinclude: Structuring Compliance Planning

Transactionalduediligence Structural,operationalandrisk

reviews

Legal (HVG)OurstrategicalliancewithHollandVanGijzenenablesustocloselycooperatewithHVGifthisisbeneficialtoourclients.Thismeansthat,wheredesired,wecanofferlegalservicesaspartofamulti-disciplinaryteam,whileclientskeeponedesignatedpointofcontact. Titlesearchandduediligencereport Structuringanddocumentingthetransaction Transferoftheproperty

Audit and AssuranceOurrobustapproachtoauditandassuranceiscombinedwithdeepsectorknowledgetoprovideapowerfulmixandistailoredtoyourbusinesstofacilitateacostefficientandpragmaticprocess.Wepromotethesharingofknowledge,frominternalandexternalsources,throughouttheteam,sothateverymemberisawareofyourkeybusinessissues.Theseinclude: High-qualityauditandassurance Accountingservices Financialstatementreviews Corporatecompliance

Internalcontrols IFRScomplianceandadvisory Compliancewithkeydirectives

andregulatoryframeworks

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