Due Diligence & Underwriting
Developers, property investors or distress funds considering a direct or an indirect acquisition, landlords, lenders or debtors interested in selling and corporates or public authorities looking to occupy wish to be shield against flaws and drawbacks of any commercial or residential property asset or portfolio. They are asking for quantitative and qualitative results to assess and determine the inherent performance risk in terms of commercial characteristics, technical specifications and marketability of the underlying or collateralised real estate assets.
Arbitrage’s team of experts ally with our clients’ needs, offering advice on commercial, financial, technical and market tangible and intangible real estate parameters. We thoroughly cover all aspects of commercial and financial assessment to determine the amount of risk involved in acquiring and holding an asset, including a judgement of the property value, catchment areas and competing property stock. We also analyse tenancy and lease schedules, tenants credit strength, revenues and operating expenses. We also provide a thorough technical due diligence service, which starts with a site inspection and includes planning, energy efficiency, structural and building maintenance assessments.
Our team delivers a holistic service that includes among other things a comprehensive findings report with all the necessary data citation. We offer accredited property valuations, rent & yield level estimations, financial investment performance modelling, asset investment appraisals and cost-benefit analysis. Together with our associates, engineering consultants and where needed strategic partners, we also provide planning advice, structural quality and repair reviews, energy efficiency audits, environmental and health & safety assessments to prioritise capital expenditure actions and propose a budgeted rectification plan.
We offer due diligence & underwriting services to institutional investors, private equity funds, NPL servicers, lenders, landlords, corporates, developers, family offices, private individuals as well as to local and central government authorities.
We have been involved in a series of very interesting and challenging assignments with major international private equity funds, NPL investors, REICs and property developers. Some indicative examples are listed below:
- Due diligence of two large hotel properties in Crete to a leading global investment manager in relation to a potential acquisition. To find out more, click here.
- Technical due diligence of a resort complex in Chalkidiki, to a leading hotel investment and management firm in relation to a potential acquisition. To find out more, click here.
- Successfully advised Elliott Advisors in co-acquiring Symbol NPL portfolio together with its consortium partner, Centerbridge Partners, from National Bank of Greece. To find out more, click here.
- Buy-side underwriting partner in Kairos NPL bid in a consortium led by a global investment company that offered to acquire a securitized corporate non-performing exposures (NPE) portfolio owned by Attica Bank. To find out more, click here.
- Buy-side underwriting related services in Jupiter NPL portfolio, assigned by a global investment management firm to provide real estate commercial advice for the acquisition of a non-performing loan (NPL) portfolio. To find out more, click here.
- Technical due diligence of Jupiter REO portfolio for Lone Star, a leading private equity firm, in relation to 31 REO assets sold by Alpha Bank. To find out more, click here.
- Valuation underwriting services related to Amoeba NPL collaterals and associated market insight in preparation of a non-binding offer related to the corporate NPL portfolio sold by Piraeus Bank. To find out more, click here.
- Technical advisory services in two hotel refurbishment projects to a major REIC. The firm provided pre-acquisition technical due diligence services in relation to the extensive refurbishment of two large and historical commercial buildings in Patras. To find out more, click here.
- Technical due diligence of a 61,500m² big-box retail portfolio, consisted of big-box retail buildings in Athens and in Northern Greece on behalf of the interested buyer, a major domestic institutional REIC. To find out more, click here.