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Valuation and Advisory services for
REITs

SERVICES

SERVICES BY INDUSTRY

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Gesvalt, reference Real Estate Advisor for REITs

Gesvalt has become the reference Real Estate Advisor for a large part of REITs, either well-established in the market or still under process of incorporation.

The role of the Real Estate Advisor, in collaboration with the Registered Advisor, is key to the success of a REIT getting listed on the MAB (Alternative Stock Market) or the Continuous Market, as well as its implementation.

Both Asset Valuation and Business Valuation are key in our role as independent real estate advisor in order to provide solvency, ensure maximum transparency and give the highest comfort and confidence in front of the Regulatory Body, Investors and Owners. The conclusions of this process will be decisive when making decisions, both in establishing the acquisition price and in the design of the REIT’s Business Plan, as well as to support its strategy.

Our work will be the basis for decision making under minimum uncertainty and success guarantee conditions.

Services offered to REITs

ECO VALUATIONS

  • Mortgage loan collateral
  • Advisory in sale & purchase transactions / Market Value
  • Valuations for litigation purposes
  • Valuations from previous years
  • Calculation of Liquidation Value under an immediate sale scenario

 

RICS VALUATIONS

Financing: International financial institutions use RICS reports to estimate the value of the collateral. Likewise, some Spanish financial institutions admit RICS reports since these provide an additional view of the real estate assets as a complement to ECO appraisals

Determination of value in sales and acquisitions: sale and purchase, corporate and lease transactions. Having the information required throughout the sale and purchase process. Knowledge of the potential risks of the purchase and the factors that affect the final value of your property.

Valuation for accounting, legal and tax purposes: Support of the Fair Value reflected in the company’s accounts. Depreciation and amortization. Follow-up on the change in the value of assets.

FINANCIAL ADVISORY

Valuation of Intangibles:

  • Valuation of real rights: concessions, surface rights, licenses, purchase options, easements for:
    • Corporate Transactions
    • Financing processes
    • Legal conflicts

Business Valuation: Valuation of companies, valuation of businesses and business plans for corporate transactions, financing processes, legal disputes, remuneration packages or feasibility studies.

Expert valuation: Independent expert opinion reports, party’s expert reports, arbitration opinions, expert opinions, expropriations, liquidations, inheritances, separations, redundancy schemes, corporate conflicts or tax purposes.

 

REAL ESTATE ADVISORY

Portfolio analysis and Due Diligence: For portfolio analysis and segmentation from the commercial, strategic, financial and real estate point of view. It is used for massive valuations (desktop, drive by, statistical).

Project Feasibility Analysis, Product Definition and Business Analysis:

  • Conduct of market research on any asset class
  • Establishment of the strategy and formulas for the outflow of assets owned by funds and financial institutions
  • Definition of the most appropriate product on a commercial basis in each situation
  • Commercial and financial feasibility of investment projects and real estate developments
  • Preparation of financial projections

Property Management and Optimization:

  • Analysis and segmentation of assets owned by companies and institutions
  • Proposal for space optimization measures
  • Analysis and optimization of costs associated with the property

Tax impact on real estate assets and Cadastral Audit: Mitigation of the tax impact of real estate assets, which in some cases represents a considerable expense.

DUE DILIGENCE AND FEASIBILITY STUDIES

Due Diligence and Feasibility Studies are used to obtain the information prior to the signing of a contract. Therefore, it is the process by which a potential buyer evaluates one or more assets, in terms of:

  • Location and current configuration
  • Ownership and occupancy status
  • Administrative and town planning status
  • Technical and normative compliance with its intended use
  • Possibilities in the future

 

PROJECT MONITORING & COST CONTROL

Project Monitoring and Cost Control represents a very efficient tool for controlling the investments made by financial institutions, investment funds and developers in real estate developments. This service allows technical-financial monitoring of:

  • Execution and construction cost according to scheduled project specifications
  • Developer’s legal and administrative requirements
  • Planning and advance of the real estate development
  • Financial and budgetary management of the real estate development
  • Fulfilment of objectives in terms of time and cost

 

TECHNICAL ACTIONS

These refer to the technical services that allow the resolution of incidents related to the construction process, aiming at the completion and closing of unfinished projects, allowing to:

  • Determine completion costs
  • Correct incomplete administrative records
  • Resolve administrative sanctions or litigation with individuals and companies

 

PROJECT MANAGEMENT AND DELEGATED DEVELOPMENT MANAGEMENT

These are comprehensive technical services carried out on behalf of the client with regard to planning, organization and control of the resources with the purpose of achieving one or several objectives:

  • Developing a real estate project as a technical team (partner service).
  • Assuming almost all the developer’s duties, except for the financial one.

BUILDING EVALUATION REPORTS

The former Technical Building Report (ITE), currently named Building Evaluation Report (IEE), includes all services that certify the condition of buildings, at least with regards to their state of preservation, compliance with applicable universal accessibility requirements and also the energy efficiency level. These reports arise from a national Royal Decree, although they are developed at regional and even local level.

In general, it is mandatory for certain properties within time or sectoral parameters defined in each regulation.

 

ENERGY AUDITS AND CERTIFICATIONS

Energy Audits involve the inspection, study and analysis of energy flows in a building, process or system, while Energy Certifications provide information on energy consumption and emissions, allowing to measure energy savings in terms of consumption:

  • They both arise from two national Royal Decrees, by transposition of European Directives
  • Energy Certifications are generally mandatory for all buildings (there are exceptions)
  • Energy Audits are mandatory for large companies, as defined by the EU