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Cushman & Wakefield Capital Markets Capabilities

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Whether you are seeking to dispose of an asset in London, financing the purchase of a hotel in Italy, or structuring a complex cross border portfolio deal, Cushman & Wakefield’s expertise in capital …

Whether you are seeking to dispose of an asset in London, financing the purchase of a hotel in Italy, or structuring a complex cross border portfolio deal, Cushman & Wakefield’s expertise in capital markets is the gold standard.

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  • 1. 2013A Cushman & Wakefield PublicationEMEA CAPITAL MARKETSCAPABILITIESGUIDE TO SERVICES
  • 2. OUR CLIENTS ARE OURCOMMITMENTFounded in 1917, Cushman & Wakefield is the world’s largestprivately-held commercial real estate services firm, withapproximately 14,000 employees operating from 253 offices in 60countries and six continents.What makes Cushman & Wakefield the preferred choice?It’s simple. Our success and longevity are built on a simplephilosophy which guides everything we do and has made us theworld’s preferred real estate services provider for the last 100years.Every aspect of our platform has been honed to achieve valueon behalf of our clients.With a commitment to globalcollaboration, consistency and creativity, we provide customisedservices and solutions that see beyond the brick and mortar ofeach real estate transaction.Whether you are a tenant, landlord,investor, or developer, a global company or a small business,Cushman & Wakefield provides solutions that fit your strategic,operational, and financial goals.
  • 3. OUR SERVICESWe provide services across the real estate continuum, advising, implementing,transacting, and managing on behalf of owners, occupiers, investors, and developersthrough every stage of the real estate process.These services are consistent in every office around the world. Whether you arein Paris or Moscow, Cushman & Wakefield offers the same resources, sameintelligence, uses the same processes, and the same platform.OUR GLOBAL REACHOur professionals have in-depth expertise in more than 200 local marketplaces.But we understand that having offices around the world is only part of the story.Cushman & Wakefield takes the extra step – we have put standards and processes inplace that ensure collaboration and sharing of intelligence across borders.OUR PEOPLETo ensure creative thinking, we recruit talented professionals from all backgrounds– not just real estate – including management consulting, finance, engineering, tax,legal, and systems management. Our people come to the table with entrenchednetworks and relationships that enhance their ability to make the deal, optimize theengagement, and maximize results.OUR RESULTSWe deliver on our promises.Our partnership with our clients goes beyond the ‘deal’ to support your coreobjectives.We demonstrate how your real estate holdings can be harnessed toimprove productivity and profitability, optimize asset value, strengthen branding, andsharpen your competitive edge.EMEACAPITAL MARKETSCAPABILITIES
  • 4. €13 bnOur team has transacted and advised onmore than €13 billion across EMEA in 2012“ ”4
  • 5. Services include:Investment Sales& AcquisitionsCorporate FinanceEquity, Debt &Structured FinanceEMEA CAPITAL MARKETSWhether you are seeking to dispose of an asset in London, financingthe purchase of a hotel in Italy, or structuring a complex crossborder portfolio deal, Cushman & Wakefield’s expertise in capitalmarkets is the gold standard.EMEA Capital Markets providescomprehensive advice and executionservices to clients engaged in buying,selling, investing in, financing or developingreal estate and real estate-related assets.Our solutions are tailored to meet theobjectives of private and institutionalowners and investors. A dedicatedspecialist team provide tailored solutionsfor corporate owners and occupiers.We transacted and advised on more than€13 billion in 2012 and have helpedhundreds of clients maximise the value oftheir real estate.EMEA Capital Markets liaise withcolleagues across 56 fully owned andassociate offices. • Relationships with more than 1,500capital sources• 510 investment and corporate financeprofessionals globally• Unsurpassed reach into global capitalmarkets• Reliable investor intelligence• Real-time local market intelligencesupported by a proprietary researchplatform• Access to Cushman & Wakefield’s fullglobal brokerage capabilities• Creative financing/disposition solutions• Professionals with expertise in variousdisciplines including ownership,development, finance, taxation,accounting, lending, legal, and consulting5CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 6. INVESTMENT SALES & ACQUISITIONS€148 BillionWe have completedapproximately €148 billion intransaction volumes over thepast five years and have helpedhundreds of clients maximizethe value of their real estate.For investors looking to sell or buyinvestment grade properties or portfolios,we offer comprehensive global transactionsolutions.Located in major markets around the world,our professionals execute customisedacquisition and disposition strategies acrossall major property types including office,retail, industrial, multifamily, hospitality,senior housing, and healthcare.Our Capital Markets team deliver on ourpromises. Unlike our competitors, C&Woffers clients a holistic approach. In additionto our capital markets expertise, we drawon our related capabilities in research,leasing, asset management, operations, andvaluation to deliver optimised andintegrated solutions.Additionally, C&W provides our clientswith unique access to opportunities andcapital sources worldwide.As a globalleader in investment transactions, we havean unsurpassed network of buyers andsellers, access to international capital, andsuperior market data.SINGLE ASSET & PORTFOLIOTRANSACTIONSAcquisitionWhether you are seeking to acquire aproperty investment for short, medium orlong-term gain, we identify the mostsuitable opportunities in the market acrossevery sector.DispositionWe can help you monetize your investment,dispose of a single asset or multiple assets,or divest from a particular market.We support our clients at all stages of thesales cycle, including due diligence,underwriting, market research, financialanalysis, marketing strategy and campaigns,placement strategy, transactionnegotiations, and closings.C&W will advise you on the best strategiesavailable to help you achieve a maximumreturn on your property or portfolio andminimize your risk.MARKET RESEARCH & FINANCIALANALYSISOur team of experts provide extensive duediligence and real-time market data,coupled with on-the-ground professionalswho understand every aspect of real estateinvestment.ADVISORY & CONSULTINGSERVICESWe provide expert advice and consultingexpertise to help clients maximize thevalue of their real estate holdings.6
  • 7. DELIVERING ONOUR PROMISESBreaking new ground.Setting new benchmarks.“ ”7CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 8. ACQUISITIONS8
  • 9. UKHERMES REAL ESTATEVolume: €360mC&W Involvement: 50% acquisition of three shopping centresfrom WestfieldClient: Hermes Real Estate Investment ManagementCZECH REPUBLICFORUM NOVA KAROLINA , FORUM USTI NAD LABEMVolume: €300mC&W Involvement:AcquisitionClient: Meyer BergmanCZECH REPUBLICVGP PORTFOLIOVolume: €330mC&W Involvement: Acquisition adviceClient:AEWGERMANYCENTRO, OBERHAUSENVolume: €720mC&W Involvement:Acquisition of a 50% share in CentrOClient: CPPIB9CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 10. SALES10
  • 11. FRANCERIVER OUESTVolume: €360mC&W Involvement: DisposalClient: HRODENMARKROSENGÅRDCENTRETVolume: Approx €400mC&W Involvement: DisposalClient: Property PartnersUNITED KINGDOMJUNCTION PORTFOLIOVolume: €302mC&W Involvement: DisposalClient: Junction LPUNITED KINGDOMEALING BROADWAY SHOPPING CENTREVolume: €290mC&W Involvement: DisposalClient: Wereldhave11CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 12. CORPORATE FINANCEOur Corporate Finance andInvestment Banking teamcombines professionals withbackgrounds in real estate,banking, accountancy, tax, andinvestment management.Corporate Finance and Investment Bankingprovides transaction and advisory servicesto property investors, occupiers and fundmanagers.We design and execute real estate financestrategies which maximize value, reducecosts, and optimize accounting and taximplications.Whether your objectives are to release orraise capital, re-structure leases, orimplement complex financial solutions, ourglobal finance and banking teams bring awealth of experience to help achieve bothfinancial and strategic goals.OCCUPIER SOLUTIONSWe advise occupiers on how best to alignreal estate interests to their corporatestrategy. The team is a market leader inportfolio disposals having executed over€9bn in sale and leasebacks and €2bn inlease liability transfers.When developing an optimal occupancyand control solution, we carefully assesseach client’s circumstances, and theimplications to their cost base; financialstatements; tax efficiency; and financialcovenant.DEBT MARKET EXPERTISEWe provide our clients with debtorigination, restructuring and re-financingsolutions across the capital stack. Over thelast 10 years, the team has originated debtin excess of €3bn across EMEA.We maintain strong relationships withmany UK and European lenders, and havethe knowledge and capability to secure themost appropriate debt package.LOAN SALES GROUPOur team comprises both real estate andbanking professionals, who have advised onover €18bn of loan portfolio transactionsand loan portfolio sales worth in excess of€1.5bn.EQUITY ADVISORYOur private equity advisory team advisesinvestors, fund and asset managers on thestructuring and launch of funds or jointventures. We have closed in excess of€3bn of commitments into real estateinvestment products.12
  • 13. 13CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 14. UNITED KINGDOML&G PROPERTY INCOME FUND€370mBACKGROUNDCushman & Wakefield was appointed by Legal & General Property(LGP) as sole European Placement Agent for their new flagshipUK Property Income Fund (UK PIF), a diversified core/core-plusstrategy, and the first LGP product created specifically for nonUK investors.FUND STRATEGYCore / Core-plus UK Fund diversified by sector and targetingassets of €45m+C&W ROLECommercial advice throughout structuring and productdevelopment phase.Drafting of PPM and marketing materials, development of fundmodel and preparation of online data room. Co-ordination ofextensive marketing campaign across continental Europe.Assistance throughout investor due diligence and closing process,including strategic advice during commercial negotiations withcornerstone investors.THE RESULTThe Fund features an innovative structure enabling investors tocustomise their level of gearing by utilising both geared andun-geared partnerships. €370m was secured from 14 investorsacross Europe,Asia, the Middle East and North America. On theback of this success, C&W was shortlisted for the 2011 PEREEuropean Placement Agent of theYear award.CASE STUDIESEUROPE/USTHE CHURCH OF ENGLAND€116mBACKGROUNDCushman & Wakefield was appointed by the ChurchCommissioners of England to provide advice on potentialinvestments into the US and European real estate debt markets.C&W ROLEThe team was commissioned to carry out a detailed review ofthese markets with the view to making a series of commitmentsto funds active in this space.The report addressed the following:Analysis of the real estate debt markets in the US and Europe:history, size of markets, key participants, debt instruments andcharacteristics (CMBS, senior, mezz, etc.), fund strategies(discounted pay-off, loan-to-own, new originations rescue capital).A high level review of all of the funds operating in this space andopen for investment.Detailed review of a shortlist of funds in each market(management capability, track record, investment strategy,appraisal of deal pipeline/seed portfolio, review of key terms) andrecommendation of preferred funds.THE RESULTThe client made a commitment to the M&G European Debt Fundin 2009. In the US, the Commissioners opted to prioritise aninvestment into a unique distressed equity fund that C&Wintroduced and also provided commercial due diligence on. Inaddition, in 2012 an allocation was made to the PCCP EquityVIUS distressed opportunity fund.14
  • 15. UNITED KINGDOMRESOLUTION PROPERTY€100mBACKGROUNDThe UK Capital Markets team were aware that a loan securedagainst a £90m asset had been sold to a private equity investor(“PEI”). The client had a medium term hold strategy for the assetto execute their business plan but the existing loan was due toexpire in 2014.The loan was being serviced with an LTV of 85% to 90%. Abreach of loan covenants was imminent. The PEI had acquiredthe loan at a discount, was IRR driven and therefore open to apotential realisation through a discounted pay-off (“DPO”).C&W ROLEThe Corporate Finance Team was mandated to negotiate a DPOof the loan and arrange senior debt and mezzanine finance tore-finance the current debt. UK CMG was involved in DPOnegotiations with reference to the asset value.Our services included modelling the income stream, preparingand presenting a funding proposal to a select group of lenders,negotiating the best terms, managing the credit process and legaldocumentation to successful drawdown of the loan.THE RESULTThe Corporate Finance Team arranged a loan equating to 80% ofvalue. The senior debt piece equated to 60% of value and themezzanine loan raising the LTV to 80%.The client equity value had been significantly enhanced throughthe DPO and refinance and the loan was no longer breachingcovenants.UNITED KINGDOMVIRGIN MEDIA€82mBACKGROUNDVirgin Media’s property team was spending a disproportionatelylarge amount of time and resources dealing with the surplusproblem rather than adding value to the operational estate ofover 650 properties. In addition, the quarterly re-assessment ofthe surplus property provision under FASB 146 (equivalent to IAS37) was causing unwelcome P&L volatility.C&W ROLEC&W was instructed to dispose of the surplus leasehold portfolioin a single transaction. Following a two stage competitivemarketing process, the portfolio was successfully transferred toLegacy Portfolio who assumed all the obligations arising fromthese leasehold liabilities.The portfolio comprised 28 secondary office buildings spreadacross the UK with a total floor area of 530,000 sq ft. In addition,the portfolio also included 5 vacant assets and 2 flexible short-term sale & leasebacks.THE RESULTWe were able to:• Remove surplus property risk and P&L volatility;• Remove the management burden of surplus property;• Structure a ‘profit trap’ so that Legacy Portfolio are incentivisedto remove the liabilities as quickly as possible; and• Provide put options to transfer additional risk in the future at apre-determined price.15CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 16. DRIVINGVALUE FOR OUR CLIENTS AROUND THE WORLD253United StatesAlabamaBirmingham*ArizonaPhoenixTempeTucson*CaliforniaCarlsbadInland EmpireLos AngelesL.A. South BayL.A.WestMarin/Sonoma CountyOaklandOrange CountySacramentoSan Diego DowntownSan Diego EastgateSan FranciscoSiliconValleyWalnut CreekColoradoColorado Springs*DenverConnecticutHartfordStamfordDelawareWilmingtonDist. of ColumbiaWashington, DCFloridaFt. LauderdaleFt. Myers*JacksonvilleMiamiOrlandoPalm Beach GardensTampaGeorgiaAtlantaSavannah*HawaiiHonoluluIllinoisChicagoChicago SuburbanIndianaBloomington*Indianapolis*KentuckyLouisville*MainePortlandMarylandBaltimoreBethesdaMassachusettsBostonMichiganDetroit*Grand Rapids*Holland*Kalamazoo*Lansing*Muskegon*MinnesotaMinneapolis**Minneapolis-Sub**MissouriKansas City*St. Louis*NevadaLasVegas*New HampshireManchesterNew JerseyEast RutherfordEdisonMorristownNewYorkAlbany*Binghamton*Buffalo*Corning/Elmira*HudsonValley*IslandiaIthaca*MelvilleN.Y. – DowntownN.Y. – MidtownRochester*SyracuseSyracuse*Utica*Watertown*Westchester CountyNorth CarolinaCharlotte*Raleigh/CaryRaleigh/Durham*OhioCincinnati*Cleveland*Columbus*Toledo*OklahomaOklahoma City*Tulsa*OregonPortlandPennsylvaniaPhiladelphiaPhiladelphia-SubPittsburgh*Puerto RicoSan Juan*Rhode IslandProvidence*South CarolinaCharleston*Greenville/Spartanburg*TennesseeChattanooga*Knoxville*Memphis*Nashville*TexasAustin*DallasHoustonSan Antonio*UtahClearfield/Ogden*Park City*Provo/Orem*Salt Lake City*St. George*VirginiaFredericksburg*Lynchburg*McLeanNewport News*Norfolk/Virginia Beach*Richmond*Roanoke*WashingtonBellevue*Seattle*WisconsinMilwaukee*CanadaAlbertaCalgaryEdmonton*British ColumbiaVancouverManitobaWinnipeg*New BrunswickFredericton*Moncton*Saint John*NewfoundlandSt. John’s*Nova ScotiaHalifax*OntarioLondonNewmarketOttawa*Toronto-CentralToronto-NortheastToronto-WestPrince Edward IslandCharlottetown*QuebecMontréal CentralMontréal SuburbanMexicoCiudad JuárezGuadalajara*Mexico CityMonterreyCentral AmericaCosta RicaSan Jose*South AmericaArgentinaBuenos AiresBrazilManausPorto AlegreRio de JaneiroSão PauloSão Paulo-BarueriChileSantiagoColombiaBogotáPeruLimaVenezuelaCaracasAMERICASAustriaVienna*BahrainManamaBelgiumBrusselsBulgariaSofia*Channel IslandsJersey*Czech RepublicPragueDenmarkCopenhagen*EnglandBirminghamLondon-CityLondon-West EndManchesterThamesValleyFinlandHelsinki*FranceParisGermanyBerlinDusseldorfFrankfurtHamburgMunichGreeceAthens*HungaryBudapestIrelandCork*Dublin*IsraelTel Aviv*ItalyMilanRomeKazakhstanAlmaty*KosovoPristina*LuxembourgMacedoniaSkopje*Netherlands (The)AmsterdamRotterdamNorthern IrelandBelfast*NorwayDrammen*Oslo*Stavanger*PolandWarsawPortugalLisbonRomaniaBucharestTimisoaraRussiaMoscowScotlandEdinburghGlasgowSlovakiaBratislavaSouth AfricaCape Town*Durban*Johannesburg*Pretoria*SpainBarcelonaMadridSwedenStockholmSwitzerlandBasel*Geneva*Zürich*TurkeyIstanbulUAEDubaiEUROPE, MIDDLE EAST & AFRICAOffices in60 CountriesGLOBAL REACH16
  • 17. AustraliaMelbourne*SydneyChinaBeijingChengduGuangzhouHong KongShanghaiShenzhenFiji*IndiaBangaloreChennaiGurgaonHyderabadKolkataMumbaiMumbai SubNew DelhiPuneIndonesiaJakartaJapanTokyoMalaysiaKuala Lumpur*New ZealandAuckland*Wellington*PakistanKarachi*PhilippinesManila*SingaporeSouth KoreaBusanSeoulTaiwanTaipei*ThailandBangkok*VietnamHanoiHo Chi Minh City* = Alliance/ Associate Offices ** = JointVenturesASIA-PACIFICGLOBAL CONTACTSGreg VorwallerGlobal Head, Capital Marketsgreg.vorwaller@cushwake.com+ 1 312 470 1800Jan-Willem BastijnHead of EMEA Capital MarketsJanWillem.Bastijn@eur.cushwake.com+3120 800 2081John StinsonHead of Asia Pacific Capital Marketsjohn.stinson@ap.cushwake.com+ 65 6232 087817CUSHMAN & WAKEFIELDEMEACAPITAL MARKETSCAPABILITIES
  • 18. EMEA CAPITAL MARKETS CONTACTSBELGIUMMaxime XantippePartner, Head of Capital Marketsmaxime.xantippe@eur.cushwake.com+32 2 514 4000CZECH REPUBLICJames ChapmanPartner, Head of Capital Marketsjames.chapman@eur.cushwake.com+420 234 603 210FRANCEThierry JuteauPartner, Head of Capital Marketsthierry.juteau@eur.cushwake.com+33 1 53 76 95 51GERMANYFRANKFURTFrank NickelPartner, CEO GermanyFrank.nickel@eur.cushwake.com+49 69 506073 111BERLINHanns-Joachim FredrichPartner, Capital MarketsHannsJoachim.Fredrich@eur.cushwake.com+49 30 20 21 4 46 20HAMBURGDr. Michael ThielePartnermichael.thiele@eur.cushwake.com+49 40 300 88 11 10MÜNCHEN/MUNICHThomas MüllerPartner, Capital Marketsthomas.mueller@eur.cushwake.com+49 89 242 14 33 33HUNGARYCharles TaylorPartner, Head of Capital Marketscharles.taylor@eur.cushwake.com+36 1 268 1288ITALYMILANStephen ScreenePartner, Head of Capital Marketsstephen.screene@eur.cushwake.com+39 02 63 7991ROMECarloVaniniPartner , Capital Marketscarlo.vanini@eur.cushwake.com+39 06 4200791THE NETHERLANDSMathijs FliermanPartner, Director Capital Marketsmathijs.flierman@eur.cushwake.com+3120 800 2089POLANDWojciech PiszPartner, Retail Capital Marketswojciech.pisz@eur.cushwake.com+48 22 8202059PORTUGALLuis AntunesPartner, Head of Capital Marketsluis.antunes@eur.cushwake.com+351 21 322 4753ROMANIACharles HenryPartner, Head of Capital Marketscharles.Henry@eur.cushwake.com+40 744 333 094RUSSI ATom CashelPartner, Head of Capital Marketstom.cashel@eur.cushwake.com+7 495 799 9875SLOVAKIAJames ChapmanPartner, Head of Capital Marketsjames.chapman@eur.cushwake.com+420 234 603 210 SPAINBARCELONAReno CardiffPartner, Capital Marketsreno.cardiff@eur.cushwake.com+34 93 488 18 81MADRIDRupert LeaPartner, Retail Capital Marketsrupert.lea@eur.cushwake.com+34 91 781 38 37SWEDENMagnus LangeManaging Partnermagnus.lange@eur.cushwake.com+46 85 456 7714TURKEYTogrul GondenManaging Partnertogrul.gonden@eur.cushwake.com+90 212 334 78 00UNITED KINGDOMDavid ErwinCEO, Capital Markets UKdavid.erwin@eur.cushwake.com+44 20 7152 5016Michael RhydderchPartnermichael.rhydderch@eur.cushwake.com+44 207 152 5060Michael LindsayPartner, Head of EMEA Corporate Financemichael.lindsay@eur.cushwake.com+44 20 7152 5008All other EMEA queries:Jan-Willem BastijnPartner, EMEA Capital Marketsjanwillem.bastijn@eur.cushwake.com+3120 800 208118
  • 19. www.cushmanwakefield.com