After running our restructuring practice in Southampton, I now head up the restructuring team within our real estate advisory practice. I advise UK/non-UK banks, funds, corporates and other freeholders regarding their distressed real estate exposures, in particular implementing exit, managed re-development and restructuring options. As a qualified accountant and appointment taking licensed insolvency practitioner with over 25 years of international corporate restructuring experience, I bring a wealth of experience and knowledge to support and advise my clients.
Some recent assignments include:
Appointed as joint administrator to a company owning the leasehold interest in a c.400,000 sq ft office investment in central London. We asset managed the property during the 18 month hold period, optimising its value by implementing strategic asset management initiatives and through detailed negotiations with the freeholder who was seeking to forfeit the headleases. The debt secured against the asset was then sold, with the proceeds greatly exceeding the secured lender's exit objectives.
Project managed the demolition, remediation and land value optimisation through the planning process for three neighbouring blocks of land totalling 23 acres. The real estate contained land contaminated from its historical use as a textile dye works. We optimised the land value and project managed the planning process to secure permission for a full scale redevelopment of the real estate to provide 171 houses with no social housing. The demolition and remediation of the real estate has mitigated key risks associated with the redevelopment and therefore should substantially enhance the expected capital receipt.
Appointed joint administrator over a company owning an incomplete mixed use development of 294 apartments and 40,000 sq ft of commercial space. We managed the completion of the construction works, agreeing an out of court settlement with the main contractor and all of the professional team. We secured tenants for the commercial areas, creating value and an income stream for the secured lender and undertook a private rented sector model for the 294 apartments over a three year hold period before selling the debt secured against the asset to a private equity fund.
- Licensed Insolvency Practitioner