Our experience in Real Estate is important but focused on Central Poland and Spain.
Real Estate is a very local business and with big differences between residential development and office management. Inicia2 has the opportunity to manage one the most important real estate portfolios in central Poland, earning a vast experience.
Two family offices owned one of the most relevant real estate portfolios in Central Poland with a wide variety of investments (land banks, office buildings, retail and commercial, logistics and hotels). Inicia2 participated in:
- Strategic Plan Definition, where the two investors decided to split the investments.
- Valuation of each of the assets, collaborating, sometimes, with external appraisals.
- Effective creation of two independent portfolios of assets. Inicia2 led the relationship between the two families, setting up different protocols: cost-cutting without harming the business; protocol to sell the assets and protocol in case of disagreement.
- Reshaping the organisation managing the assets, implementing a program to accommodate the personnel to the new strategy.
- Disposal of the non-core assets, involving the biggest real estate developers in Poland, the largest property managers in the world and one of the most relevant hotel chains in Europe.
- The other family office started the liquidation of the portfolio.
- This process commenced in 2013 and still is going on.
As a consequence of the disposal of one the largest land plots in the most premium available area of Lodz (third largest Polish city), the new investor hired Inicia2 to produce a financial plan and find new co-investors. We also provided our opinion with the architectural plan and how it may impact on the economics of the project. This process continues.
Direct Lending in Poland. Polish banks are generally more conservative, and many real estate developments lack credit to achieve financing. Inicia2, together with a group of Spanish private investors, participated in the financing of a series of real estate developments in Poland.
A Spanish family office needed a system to monitor its real estate portfolio (mainly in Spain), and Inicia2 help them to draft a balanced scorecard.
An international fund executed a Spanish portfolio of defaulted loans with real estate assets as collateral. The fund contacted Inicia2 to analyse the residential market prices in the area, the ongoing developments and the financial statements of a main real estate competitor.
Centro Canalejas is a premium real estate complex in Madrid composed of a luxury hotel, exclusive apartments, parking spaces and a shopping centre. The main shareholder was in financial trouble trying to refinance the debt. One of the bondholders hired Inicia2 to analyse the value of this asset through sum-of-the-parts through market multiples and compare it with the official value summited by the company.
An international fund executed a Spanish portfolio of defaulted loans with real estate assets as collateral. The fund contacted Inicia2 to analyse the residential market prices in the area, the ongoing developments and the financial statements of a main real estate competitor.
Centro Canalejas is a premium real estate complex in Madrid composed of a luxury hotel, exclusive apartments, parking spaces and a shopping centre. The main shareholder was in financial trouble trying to refinance the debt. One of the bondholders hired Inicia2 to analyse the value of this asset through sum-of-the-parts through market multiples and compare it with the official value summited by the company.
