A Specialist Real Estate and Capital Advisory Firm

We advise clients on the acquisition and disposal of significant residential real estate assets.

Whether acting for a developer seeking to acquire a site or project, or for a property owner considering a purchase or disposal, we provide transaction-focused advice throughout the process.

Our services may include:

• Transaction strategy

• Market and counterparty engagement

• Identifying and introducing relevant parties

• Coordinating transaction processes

• Commercial support during negotiations

• Working alongside legal, planning and technical advisers

• Supporting the transaction through to completion

We recognise that successful real estate transactions depend on more than price. Structure, timing, development and operational risk, deliverability and counterparty capability can all be critical to the outcome.

To determine the financial viability of a development, a bespoke financial model is populated with development and construction costs, provided by the property developer and assumptions on rental income and operating costs. This determines the financial viability of the development and the funding requirement.

A forward purchase transaction is where a funder provides the developer with certainty over the purchase of the development on completion. This is usually by way of an initial deposit of 10% of the purchase price, paid at start of construction and the balance paid at practical completion of the development. During the construction the developer would need to fund all of the development costs.

Forward purchase structures can provide developers with important routes to institutional or other long-term capital, while enabling investors to secure the purchase on completion.

Our involvement may include:

• Transaction and funding strategy

• Consideration of potential transaction structures

• Counterparty engagement

• Coordination of the transaction process

• Commercial negotiation support

• Liaison with professional advisers

• Support through execution and completion

A forward funding transaction is where a funder provides the developer with all the funding required to deliver the development to completion. This is usually by way of an initial payment to the developer for the land (with granted planning permission) whereby the land transfers to the funder. The funder thereafter funds the development costs based on monthly drawdowns against the costs incurred until Practical Completion. If the development is completed on time and on cost the developer is paid a development profit.

Forward funding structures can provide developers with important routes to institutional or other long-term capital, while enabling investors to secure exposure to development projects.

We support clients in considering and progressing appropriate forward funding structures, taking account of the particular characteristics of the development and the objectives of the parties.

Our involvement may include:

• Transaction and funding strategy

• Consideration of potential transaction structures

• Counterparty engagement

• Coordination of the transaction process

• Commercial negotiation support

• Liaison with professional advisers

• Support through execution and completion

Major residential developments require capital structures that are appropriate to the scale, programme and risk profile of the project. These typically comprise a combination of debt and equity funding.

We advise clients on the development capital requirements and support financing processes in connection with residential development projects.

Our work may include:

• Reviewing development capital requirements

• Considering financing strategies and potential structures

• Sourcing debt funders including banks, insurance/pension funds and private credit

• Assisting your advisors with commercial discussions and transaction execution

Our role is focused on the particular requirements of each project and mandate.

We provide broader commercial and strategic advice in connection with major real estate development projects and transactions.

This may include advice relating to:

• Development strategy

• Financial modelling

• Development viability

• Transaction positioning

• Capital strategy

• Counterparty strategy

• Transaction structuring

• Process management

• Coordination with professional advisers

We are often engaged where a client requires an experienced and commercially focused adviser to help bring together the different elements of a complex transaction.