Welcome to Real Estate Capital s first directory of real estate debt advisors active in Europe today.

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Autumn 2020 • Real Estate Capital 37

Welcome to Real Estate Capital’s first

directory of real estate debt advisors active in

Europe today.

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BBS Capital

HQ: London Formed

2003

Volume of debt advised on in 2019

€904m

Specialisms

Debt sourcing for borrowers Lender-side debt advisory Debt restructuring

Loan sale advisory (sell-side) Loan sale advisory (buy side) Other

Arc & Co

2008

Volume of debt advised on in 2019

€598m

Specialisms

BF.capital

HQ: Stuttgart Formed

2017

Volume of debt advised on in 2019

€631m

Specialisms

AF Advisory

2013

Volume of debt advised on in 2019

€1.3bn

Number of transactions advised on in 2019

19

Specialisms

Profile

We source, structure, manage and advise on Pan-European real estate investments and debt with a focus on the UK, Germany, Netherlands, Ireland and the Nordics. Our experienced team has transacated in every sector as equity investors and senior/ mezzanine lenders, and we are capable of sourcing outstanding senior/mezzanine/pref equity debt and equity investment opportunities. Our approach is aligned with our clients who cherish our value-add on all investments and markets. Key contact

Alexander Fischbaum Founder and managing director Website www.AFAdvisory.com

Brookland

2009

Volume of debt advised on in 2019

€3.8bn

Specialisms

Profile

Brookland advises borrowers and lenders across the European real estate spectrum on any debt- related matters, from small bridge facilities to large capital market issuances, complex restructurings and loan portfolio sales. We deliver for our clients on a consistent basis, with a reputation for a hands-on, personal and client-centric approach. Key contact Georghios Parson Partner Website www.brookland.com

Brotherton Real Estate

2014

Volume of debt advised on in 2019

€1.84bn

Number of transactions advised on in 2019

37

Debt advisory team size

10

Specialisms

Sectors & type of debt • All asset classes, all debt types

– significant experience in operational assets – student housing, hotels, care homes as well as traditional sectors.

Geographies • UK • Ireland

• Western Europe (inc Greece) Profile

The firm has deep and longstanding relationships with its clients and the lender market and has been extremely active throughout 2019 and 2020, notwithstanding last year’s UK general election and covid-19. The various in-house capabilities and strong lender relationships have stood the firm in extremely good stead going into the post-coronavirus market as it has continued to be able to deliver for its clients.

Brotherton also operates the only third party syndications business in the market. It clients are typically debt funds looking to bring in third party senior either at closing or shortly thereafter. In its first year of operations, the team closed more than £250 million of senior debt on whole loans of £400 million. Key contacts Richard Fine Managing director Daniel Uzan Managing director Website www.brothertonre.com

Debt Advisor of

the Year: UK

Debt advisors by HQ location

Source: REC Debt Advisors Directory 2020 0 5 10 15 20 25 30 France Germany RoW UK

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Autumn 2020 • Real Estate Capital 41

Debt Advisors Directory

40 Real Estate Capital • Autumn 2020

Debt Advisors Directory

CAPRA

Global Partners

HQ: London

Formed (debt advisory)

2017

Volume of debt advised on in 2019

€636m

7

Specialisms

Profile

CAPRA is a growing capital raising business that has closed over £3.5 billion of debt and equity into real estate transactions since 2016. The dedicated debt advisory team is four strong and was bolstered last year by the addition of Chris Holmes who joined from JLL. CAPRA offers an advisory lead service, providing borrowers in the UK and Europe with access to senior through to mezzanine debt and preferred equity. Key contact Luca Giangolini Partner Website www.capragp.com

CBRE

HQ: London

Formed (debt advisory)

2006

€6bn

Specialisms

Captima

HQ: Isle of Man Formed

2008

Volume of debt advised on in 2019

€1.6bn

Specialisms

Clearwater

International

2007

Volume of debt advised on in 2019

€5.3bn

Specialisms

CG Capital

Europe

HQ: Madrid Formed

2018

Volume of debt advised on in 2019

€250m

Specialisms

Concorde Capital

Partners

2014

Volume of debt advised on in 2019

€200m

Specialisms

Profile

Concorde offers debt advisory and debt investment services to sponsors, existing borrowers and prospective debt investors. Focused on UK and German markets, Concorde advises on bridge funding, investment facilities and residential and commercial development financing solutions across the capital structure. Concorde executes these transactions on behalf of clients, where required. Key contact Hugo Headicar Managing director Website www.concordecapital.co.uk

Conduit Real

Estate

2020

Volume of debt advised on in 2019

–

Specialisms

Colliers

International

HQ: London

Formed (debt advisory)

2018

€2bn

Specialisms

42

Total number of firms in the directory

40

Firms sourcing debt for the borrower

35

Firms restructuring debt

22

Firms advising the lender

18

Firms advising on loan sales

Source: Real Estate Capital Debt Advisors Directory 2020

65%

YOY increase in development finance requests across Europe

since March 2020

Source: Knight Frank Debt Advisory August 2020

€121bn

European transaction volume in H1 2020

Source: Real Capital Analytics Capital Trends Europe Q2 2020

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Debt Advisors Directory

Corestate Capital

Debt Advisory

HQ: Frankfurt Formed

2020

Volume of debt advised on in 2019

€1.09bn

–

Specialisms

Profile

We offer a full-service financial advisory. Our experienced team is in contact with more than 120 national/international lenders through our own financing transactions (over €1 billion per year). Thus, we are very familiar with financing trends, structures and conditions. We advise the entire financing process for volumes over €5 million from senior to mezzanine solutions. Key contacts

Matthias Heimann Head of debt advisory Simon Scholl Director Website

https://corestate-capital.com/en/ services/finance-debt/

Cushman & Wakefield

HQ: Amsterdam

Formed (debt advisory)

2000

€1.1bn

21

6

Specialisms

Sectors

• All sectors and asset types Geographies

• 18 key jurisdictions across Europe, predominantly Benelux, UK and Spain Type of debt • Senior • Whole loan • Mezzanine • Preferred equity Profile

At C&W we incorporate capital markets knowledge with local real estate expertise to complete investment and development transactions for all asset classes. Based in Amsterdam, the EMEA debt and structured finance team works closely across all offices, benefiting from our real estate colleagues’ up-to-date knowledge of real estate in each of the markets in more than 18 jurisdictions across Europe. We provide clients with financing solutions across the capital stack – sourcing and structuring debt, senior, mezzanine and whole loan solutions, bridge and construction financing.

Key contacts Maud Visschedijk

Partner, head of EMEA debt and structured finance

Maarten de Jong

Partner, EMEA debt and structured finance

Website

www.cushmanwakefield.com

Deloitte

HQ: London

Formed (debt advisory)

2005

€22.4bn

Specialisms

Loan sale advisory (sell-side) Loan sale advisory (buy side) Other

Eastdil Secured

1967

Volume of debt advised on in 2019

€18.5bn

Specialisms

EY

HQ: London

Formed (debt advisory)

2010

€921m

Specialisms

Investment volume in European real estate across all sectors (€bn)

Source: CBRE Research European Investment Market Snapshot Q2 2020

0 10 20 30 40 50 60 70 80 90 Q2 20 Q1 20 Q2 19 Q1 19

Debt Advisors Directory

44 Real Estate Capital • Autumn 2020

Debt Advisors Directory

FAP Finance GmbH

HQ: Berlin Formed

2005

Volume of debt advised on in 2019

€850m

Number of transactions advised on in 2019

–

10

Specialisms

Loan sale advisory (sell-side) Loan sale advisory (buy side) Other Sectors • Multi-family • Commercial/office • Retail • Hotel • Landbanking • Nursing homes • Logistics Geographies • Germany • Netherlands • Austria Type of debt • Senior • Whole loan • Mezzanine Profile

Founded in 2005, FAP is a full service and several times awarded advisory group focusing on various types of capital for real estate investments and developments throughout Germany and in selected other European markets. FAP Finance is an entrepreneurial-driven debt advisory company with a highly professional team focusing on the arrangement of all different types of debt capital for borrowers at an institutional level. From senior loans to whole loans, from bridge loans to mezzanine or preferred equity we have established a unique network to local and global capital providers and lenders at senior management level. This combination allows us to offer different pockets of capital suitable for each individual project. Since inception FAP has successfully advised on more than €15 billion of capital for real estate investments and developments and belongs in this connection to one of the leading firms in this sector. Beside FAP Finance the group has established a debt investment department called FAP Invest, where underneath amongst others the firm is managing a €250 million mezzanine fund.

Key contact Curth-C. Flatow Managing partner Website

www.FAP-finance.com

First Growth Real Estate

HQ: Paris Formed

2010

Volume of debt advised on in 2019

€1.1bn

Number of transactions advised on in 2019

13

10

Specialism

Sectors

All traditional asset classes (office, retail, industrial). In addition, significant experience with operating assets (ie, business hotels, resort hotels, student housing, serviced office, assisted living) and infrastructure (telecom switching stations)

Asset Type

All (core, core-plus but experience with transitional assets, heavy refurbishments, ground up developments) Type of debt

All (senior loan, subordinated loan, development loan, special situation capital – recapitalisation, DPO financing,

etc – bridge loan, preferred equity, financial lease) - Deal size: Above €30 million

Profile

First Growth is an independent, entrepreneurial and conflict-free real estate debt specialist active throughout Europe. It is uniquely focused solely on real estate debt related matters, from debt capital sourcing, post closing servicing to debt restructuring and special servicing. First Growth provides its specialised debt-related advice with a principal mindset, rendering its advisory offer and positioning unique. This is highly valued by its clients who range from blue-chip institutions to government-owned bodies and high-net-worth individuals.

• Delivers bespoke, consistently high quality CRE debt advisory services to all types of real estate investors and lenders.

• Offers a quality of service equivalent to that provided by investment banks but with the benefit of a specialisation on CRE debt matters and with the agility of a more nimble boutique like institution. • In recognition of its strong dealflow and recognition

of industry niche, First Growth won multiple industry awards.

- European Debt Advisor of the Year, Debt Advisor of the Year in France and Debt Advisor of the Year in Southern Europe in 2019 (Real Estate Capital)

- Debt Advisor of the Year in France in 2018 (Real Estate Capital)

- Debt Servicer of the Year in 2017 (European

Property Investor)

• First Growth has regulatory licences to raise debt capital, restructure, sell loans or take on agency roles in all continental European jurisdictions and the UK Key contacts

Francesca Galante Co-founder Cyril de Romance Co-founder Website www.firstgrowthrealestate.com Geographies Italy 30% France 40% Others

(Portugal, Greece, Austria)

10%

Spain

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Debt Advisors Directory

JLL

HQ: London

Formed (debt advisory)

1998

€7.43bn

Specialisms

Gamut

HQ: Warsaw Formed

2018

Volume of debt advised on in 2019

€1.5bn

Specialisms

Hobart Capital

2016

Volume of debt advised on in 2019

€671m

Number of deals advised on in 2019

11

Specialisms

Profile

Founded in 2016, Hobart brings its combined investment banking and private equity experience of over 100 years to solve complex real estate funding needs. While helping our clients we think and act as principals. We provide solutions for a range of UK focused developers, property owners and investors. Key contacts Jeff Harris Partner Priti Shah Director Website www.hobartpartners.com

KPMG Debt

Advisory

1999

Volume of debt advised on in 2019

€1.7bn

Specialisms

Knight Frank

Debt Advisory

2018

Volume of debt advised on in 2019

€750m

6

Specialisms

Profile

Knight Frank is the leading independent global property consultancy, with more than 19,000 people operating from over 512 offices across 60 territories. Its debt advisory team covers development and investment financing across multiple sectors in the UK and continental Europe, advising on more than £1bn since 2018. Key contact

Lisa Attenborough

Partner and head of debt advisory Website www.knightfrank.co.uk/ commercial/debt-advisory

Link Asset

Services

HQ: London

Formed (debt advisory)

2015

€920m

Specialisms

Number of banks active in UK real estate

Source: Native Finance August 2020

0 20 40 60 80 100

Clearing Investment Challenger Overseas

Number of alternative lenders active in UK real estate

Source: Native Finance August 2020

0 25 50 75 100 125 Insurer Family office Pension fund P2P Debt fund Specialist lender Bridge lender

Debt Advisors Directory

Mishcon de Reya

HQ: London

Formed (debt advisory)

2019

€143m

Specialisms

O2 Capital

HQ: Paris Formed

2017

Volume of debt advised on in 2019

€143m

Specialisms

Mount Street

2012

Volume of debt advised on in 2019

€2.0bn

27

Specialisms

Profile

Mount Street is a leading global independent provider of debt management, underwriting, restructuring, surveillance and advisory services across the real estate, asset-backed and structured finance markets. With more than €85 billion under management, Mount Street is a proven business partner. Our debt advisory team works with the industry leading lenders in the marketplace and focuses key parties and deal teams on the execution of quality transactions. Key contact

Kirsten Glaser Head of debt advisory Website

www.mountstreetllp.com

PWC

HQ: London

Formed (debt advisory)

2012

€835m

Specialisms

Laurus Property Partners

HQ: Munich Formed

2011

Volume of debt advised on in 2019

€2.5bn

31

10

Specialisms

Profile

Oliver Richter and Matthias Dahmen founded Laurus Property Partners in 2011, drawing on their expertise as pan-European real estate investors and investment bankers at firms including

JPMorgan, Merrill Lynch, Deutsche Bank and DLJ Real Estate Capital Partners. Laurus has offices in

London and Munich, with the London office led by senior real estate banker Andrew Wheldon. Laurus advises investors in its core markets of the UK, Ireland and Germany. However, the firm also works with its clients on transactions across Europe including Italy, Spain and Benelux.

Laurus is agnostic on asset class and raises capital across the entire capital structure, including senior, whole loan and mezzanine debt, as well as preferred and co-invest equity. It advised on €2.5 billion of capital in 2019. The Laurus model is based on the idea of former principals with extensive lending and direct investing experience providing full-service advice to clients. A recent example of this was Laurus closing a £90 million senior and mezzanine development facility for US multifamily business Cortland Partners, working with the client from inception to completion and executing the deal through the covid-19 lockdown.

The Laurus business is supported by some heavyweight senior advisors, including John Nacos, Deutsche Bank’s former global head of CRE, and Lynn Gilbert, M&G’s former head of origination. Key contacts Oliver Richter Managing partner Matthias Dahmen Managing partner Andrew Wheldon Managing director Website www.laurus-property.com/en/ Asset class Office 54% Retail 7% Logistics/ Industrial 9% Residential/ PBSA 30%

UK market activity, number of loans

New Matured

Source: Native Finance August 2020 0 2,000 4,000 6,000 8,000 10,000 Jul ‘20 May ‘20 Mar ‘20 Jan ‘20 Nov ‘19 Sep ‘19

Savills Capital

Advisors

2019

Volume of debt advised on in 2019

–

Specialisms

Shift Capital

HQ: Paris Formed

2012

Volume of debt advised on in 2019

€400m

20

Specialism

Profile

Shift Capital is a Paris-based capital advisory firm focusing on debt and equity structuring for real estate and hospitality transactions. Its client base include institutions, private equity real estate investment funds, REITs, as well as developers and HNWI. It is active across Western European markets, with track record in France, Benelux, Germany and UK.

Key contact Damien Giguet Founder Website www.shift-capital.com

Seaford Finance LLP

HQ: Manchester Formed

1998

Volume of debt advised on in 2019

€1.1bn

42

5

Specialisms

Geographies • UK & Europe Sectors

• Investment & development

Type of debt

• Senior, mezzanine & GP - JV Profile

At Seaford Finance, we’ve been providing commercial real estate funding solutions across all asset classes for more than 20 years, completing thousands of transactions in the UK and Europe, typically ranging between £20 million and £100 million.

We provide a personal service, bringing lenders and borrowers together to create bespoke finance solutions to suit each project, whether that is on portfolio or single asset deals.

Comprising a variety of institutions, family offices and private investors, many of our clients have worked with us over many years, using us to access funding across the capital stack on a broad range of situations including development and investment. Key contact Morris Rothbart Managing partner Website www.seafordfinance.co.uk

H1 2020 European investment transaction volumes, year on year change (%)

Source: Real Capital Analytics

-100 -50 0 50 100 150 200 Hungary Ireland Switzerland Austria Spain Italy Netherlands Finland Other Europe Norway UK Romania Poland France Average Sweden Belgium Czech Republic Germany Russia Denmark Luxembourg

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Autumn 2020 • Real Estate Capital 53

Debt Advisors Directory

52 Real Estate Capital • Autumn 2020

Debt Advisors Directory

Wittenborg

Capital

2010

Volume of debt advised on in 2019

€245m

Specialisms

Voltaire Financial

2010

Volume of debt advised on in 2019

€447m

Specialisms

Trimont Real

Estate Advisors

(Europe)

2012

Volume of debt advised on in 2019

€4.1bn

31

Specialisms

Loan sale advisory (sell-side) Loan sale advisory (buy side)

Other

Profile

Trimont Real Estate Advisors specialises in the asset management of complex performing and non-performing credit on behalf of commercial real estate lenders and investors around the world. Trimont also provides loan servicing, facility and security agency, cash management, fund and asset level accounting, underwriting, due diligence and leading technologies.

Key contact

Bill Sexton President EMEA Website www.trimontrea.com

SPF Private

Clients

1997

Volume of debt advised on in 2019

€3.9bn

Specialisms

Stone Mountain

Capital Group

2012

Volume of debt advised on in 2019

€1.37bn

Specialisms

SitusAMC

1985

Volume of debt advised on in 2019

€1.85bn

Number of transactions in 2019

9

7

Professionals (debt advisory).

86 professionals total across the European business Specialisms

Loan sale advisory (sell-side) Loan sale advisory (buy side)

Other

Geographies/Offices

SitusAMC has offices in London, Ireland and Germany and operates across Europe. The firm worked on underwriting portfolios in the following countries in 2019: • Germany • The Netherlands • France • Ireland • Spain • Cyprus Sectors

Commercial real estate, residential real estate, land portfolios

Type of debt

CMBS and balance sheet debt Profile

SitusAMC is the leading independent provider of advisory, strategic outsourcing, talent and technology solutions to the real estate finance industry. We help our clients realise opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness and improve market agility across the entire lifecycle of their global real estate activity.

Founded in 1985, SitusAMC operates across the US, EMEA and APAC and is home to 3,300-plus real estate professionals and 250-plus technologists. SitusAMC is a leader in commercial debt and equity, as well as residential mortgage debt*. Capabilities include strategic loan advisory, loan originations and servicing support, valuations, pricing and analytics*, brokerage*, staffing and talent management, and technology solutions. (*US only.) European CRE Volume

• Underwrote €1.85 billion across 761 assets in Europe in 2019

• Provided servicing on €62 billion UPB across 36,657 properties/358 loans in 18 countries in Europe in 2019 • Provided asset management and surveillance on €20 billion UPB across 90,076 properties/184 loans in Europe in 2019

• Evaluated €30.5 billion in CRE asset value across Europe/APAC in 2019

Key contact

Lisa Williams Head of Europe Website

Welcome to Real Estate Capital s first directory of real estate debt advisors active in Europe today.

Autumn 2020 • Real Estate Capital 37

DIRECTORY