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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• [email protected]

Stefan van den BrinkSr Manager Real Estate Advisory Services• Office: +31884072405• Mobile: +31629083148• [email protected]

Jeroen MuisSr Consultant Real Estate Advisory Services• Office: +31884072403• Mobile: +31621252363• [email protected]

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-valuebusinessadvicetotheworld’smostsuccessfulrealestateinvestors,developers,owners,lendersandusers.Ouradvisorsbringawealthofexperience,knowledgeandbusinesscapabilitytohelpyouachievemeasureableandsustainableperformanceimprovementintoday’scompetitiveenvironment.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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