Real Estate

We provide restructuring and value delivery services across Europe in complex real estate situations

Our small and experienced teams lead, manage and deliver solutions to complex real estate situations

Services

Our expertise and experience deliver concrete results to our clients

Owners

Tenants

Construction

Owners

Value protection and enhancement post Covid-19
  • Provide an independent view, enhanced corporate governance and financial / operational reporting
  • Support management teams in preparing robust business plans for financing and/or wider stakeholder discussions
  • Develop and implement tenant strategy, regearing of leases, capex investment, disposals and acquisitions
  • Assess exit options and implement exit strategy

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Tenants

Property portfolio optimisation and financial performance improvement
  • Complement management structure to help manage activities that are business critical
  • Assessment of property portfolio and benchmarking of property costs
  • Proactive engagement with landlords to obtain sustainable leases through detailed analysis, negotiation and implementation

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Construction

With significant amounts of capital at risk, construction projects require clear vision, effective governance and robust financial management
  • Review investment case and identify key considerations during site acquisition and planning processes
  • Assess suitable options for construction and development financing that support the investment case
  • Implement cost control processes and monitor throughout the construction process
  • Effective management of a sales process to protect and enhance value

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Solutions

We focus on leading, managing and delivering solutions in real estate special situations to maximise value for stakeholders

Conflicting stakeholder views
THM Solution

Board advisory and/or director appointments to seek consensual solutions

Increased reporting requirements
THM Solution

Build stakeholder confidence with robust governance and insightful financial reporting

Competing demands on management time
THM Solution

Senior experienced team to project manage key stakeholders and non “business as usual” processes

A need for specific restructuring experience
THM Solution

Provide situational experience to assist in development of restructuring options

Market changes impacting liquidity, value and options
THM Solution

Proactive development of operational and funding strategies to preserve value and optionality

Complex laws and tax regimes
THM Solution

Draw on our experience working in different jurisdictions to identify and mitigate against potential risks

Testimonials

“THM brings measured and insightful commercial acumen to real estate situations. Their ability to implement robust corporate and financial governance provides a stable platform for the effective execution of the asset management strategy.”

Jonathan Feldman
Co-Founder and Partner, Global Mutual

“It’s always a positive experience working with THM. They take ownership of situations and work with all stakeholders to agree a clear strategy for achieving the best outcome. The team’s commercial approach and project management skills ensure that real estate sales processes run smoothly.”

Eric Jansen
Managing Director, Eastdil Secured

“We are grateful for the support and guidance provided by the THM team in what has been an extremely testing period for the management at BMI. We are pleased with the overall outcome and the recapitalisation, which will provide the springboard for BMI Healthcare to strengthen its market position, whilst continuing to provide the very best patient care.”

Karen Prins
CEO, BMI Healthcare

“THM’s impressive understanding of the legal aspects and their commercial implications in a complex real estate transaction makes agreeing terms and documenting deals highly efficient and maximises value for stakeholders.”

Alis Pay
Partner, Clifford Chance

Contacts

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Hemisphere (Steinhoff’s European property company)

Successful refinancing of £750m of debt and sale of 138 properties

    Situation
  • 35 companies, 13 jurisdictions, 138 properties (office, retail, industrial)
  • Significant reduction in asset values
  • Maturity of a €750m loan facility (trading below par)
  • Disputed shareholder loan of €133m
  • Group tenants in distress
    THM role
  • Appointed as CRO and Chairman with other Board roles across the group
  • Implemented best practice corporate governance and reporting
  • Led financial restructuring
  • Developed and implemented property disposal strategy
    Outcome
  • 138 properties sold with proceeds in excess of €750m outstanding debt
  • Resolved shareholder loan dispute
  • Transitioned to new directors to oversee group wind-down process post asset disposal
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intu

Restructuring of £1.3bn of debt

    Situation
  • UK based retail property portfolio with four shopping centres (Lakeside, Watford, Braehead and Victoria Nottingham) valued at £750m
  • Asset value and performance materially impacted by COVID-19 resulting in c170% Loan to Value
  • Requirement to protect solvency and transition to independent management following administration of the Topco (intu PLC)
    THM role
  • Appointed as CRO and to all the boards across the SGS Group
  • Oversee and manage the migration of the assets to operating on a stand-alone basis
  • Build-up and enhance financial reporting and corporate governance framework
  • Protect asset value working with the asset and property managers
    Outcome
  • Ongoing role
  • Successful implementation of a governance structure and framework that has enabled the SGS Group to operate independently from intu PLC with the objective of preserving value and maximising returns to stakeholders
  • Secured new money financing to stabilise SGS's liquidity position
  • Secured required waivers and forbearance from lenders to ensure SGS's capital structure stability
  • Implemented enhanced cash flow forecasting and liquidity management processes
  • Implemented enhanced external reporting
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Lino

271 commercial properties re-geared

    Situation
  • Out of the money shareholder
  • Tenant (ATU) also in financial distress
  • Part time directors and no staff and therefore ill-equipped to manage a financial restructuring and tenant negotiations
    THM role
  • Appointed as Director / CEO and CFO. Additional THM team member provided management capability
  • Established ownership structure, governance and financial management framework together with restructuring Lino’s debt and lease agreements with ATU
    Outcome
  • Debt restructured with the lenders assuming effective economic ownership
  • Conclusion of complex tenant negotiations resulting in long term lease with a stable tenant
  • Likely exit from sale and/or refinancing
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Marlet

Real estate assets under management grown from €50m to €700m

    Situation
  • 50 residential and commercial development sites across Dublin, Ireland
  • Introduction of institutional capital required a robust corporate governance and financial control framework
  • Additional experienced senior support required to establish and scale the operating platform
    THM role
  • Chairman of the Board to support the executive team in realising underlying value
  • Full time CFO to develop the finance function and a scalable operating platform
    Outcome
  • Developed a scalable institutional grade operating platform, growing AUM from €50m to c€700m
  • Robust corporate governance and financial reporting framework to support timely Board decision making in a fast growing business
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BMI Healthcare

Successful refinancing of 60 hospital portfolio

    Situation
  • Private hospital operator with c60 hospitals across the UK
  • Under-investment in the hospital estate due to underperformance and liquidity constraints
  • Liquidity shortfall led to rent and supplier payment deferrals
    THM role
  • Appointed as CRO and NED to the boards of various BMI Healthcare entities
  • Led the restructuring process including: stakeholder management, lender / shareholder / landlord negotiations, options analysis, liquidity management and forecasting
    Outcome
  • Capital injection of £60m
  • £65m reduction in its annual rent
  • Refinancing of £115m banking facilities
  • Transfer of equity ownership and cancellation of various liabilities in excess of £600m
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Oak Furnitureland

Repositioned retailer for success

    Situation
  • £350m turnover UK furniture retailer bought via accelerated due diligence phase and pre-pack administration during first phase of UK lockdown (June 2020)
  • Post Covid-19, significant uncertainty as to trading landscape and funding requirement
    THM role
  • Appointed as CRO and interim CFO
  • Implemented robust STCF, financial management framework and appropriate reporting
  • Co-developed robust business plan supported by cost reduction programme to include restructured retail and logistics property portfolio
    Outcome
  • Returned to profitability despite further store closures due to lockdowns
  • Achieved major cost reductions via store portfolio rationalisation whilst maintaining revenue
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Interserve

Value delivered from distressed Construction and Facilities Management group

    Situation
  • Multi-disciplinary business with operations across the globe
  • Business facing a near term liquidity crisis with an over leveraged balance sheet
  • Balance sheet restructuring and asset realisation programme required
    THM role
  • Appointed to main board following pre-pack Administration in 2019
  • Full time support to C-Suite to support on all areas of the business, including cash management, business planning, non-core disposals, and sale of Facilities Management business to Mitie Plc
    Outcome
  • Successfully returned new money invested pre COVID via the disposal of the Support Services business
  • Realisation of several non-core assets, enabling simplification of the group and ultimate stakeholder exit