Volatile market conditions, rising construction and financing costs, leasing risks as well as operational or governance-related mismanagement can quickly place real estate portfolios and development projects under significant financial pressure. In more advanced cases, such situations may lead to restructuring or insolvency proceedings or affect banks and lenders through non-performing exposures.

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We support investors, funds, project companies, insolvency administrators, banks and debt investors throughout all phases of such special situations. Our approach combines in-depth financial, technical and organizational analysis with clear decision-making and strong execution capabilities.

 

We conduct a detailed assessment of the root causes of distress and develop realistic turnaround, restructuring or workout concepts. These include clear priorities, robust measures, defined responsibilities and a realistic implementation timeline. Where required, we also assume temporary active steering or management roles and act as a central coordinator among all relevant stakeholders.

 

Scope of Services:

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Turnaround & Restructuring:

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• Comprehensive portfolio and project diagnostics (costs, timelines, cash flow, leasing, construction, governance)

• Development of turnaround or 100-day plans with clear measures and decision frameworks

• Restructuring of business plans, capex programs and project schedules

• Active stakeholder and crisis management with banks, investors, joint venture partners, authorities and project participants

• Management of critical project phases, including escalation and decision management

• Implementation of early-warning, performance and cash flow controlling systems

 

Insolvency Management:

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• Analysis of real estate portfolios and projects in pre-insolvency and insolvency situations

• Operational management and oversight of real estate assets during ongoing insolvency proceedings

• Advisory support and sparring for insolvency administrators on real estate-related matters

• Development of continuation and restructuring concepts

• Management of project and construction phases under insolvency law constraints

• Coordination between creditors, insolvency administrators, courts and operational teams

• Preparation of structured disposal or asset transfer processes

 

NPL & Bank Advisory:

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• Analysis and valuation of non-performing real estate loans (NPLs) at single-asset and portfolio level

• Financial, technical and timing assessment of the underlying real estate assets

• Development of workout, continuation or disposal strategies

• Support for banks, servicers and debt investors in decision-making processes

• Interface management between lenders, servicers, investors and project stakeholders

• Preparation of NPL transactions or asset takeovers

 

Client Value:

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• Clear decision-making frameworks in highly complex stress, restructuring and insolvency situations

• Rapid transparency on actual risks, options and financial implications

• Professional operational relief for management, banks and insolvency administrators

• Reduction of value erosion and disposal risks

• Structured preparation for continuation, sale or transfer of assets

• A single experienced point of contact in special situations and distressed real estate contexts