Real estate consulting and valuation

Our team of consultants provides advice to clients on how to successfully apply for and receive non-refundable EU subsidies. Our clients include public institutions, local governments, and state-owned companies. During the project preparation phase, we provide assistance with preparing feasibility studies, cost-benefit analyses, and subsidy applications. We monitor the project from the first round of the call for project proposals to the signature of the grant contract. Once the grant contract has been signed, we offer financial project management services to our clients.

References:

• Debrecen Intermodal Transportation Hub, preparation of RMT and CBA
• Debrecen suburban public transportation, preparation of RMT and CBA
• Székesfehérvár Intermodal Public Transportation Hub, preparation of RMT and CBA
• Mohács harbour, preparation of RMT and CBA
• Baja harbour, preparation of RMT

Our real estate development and management services include conducting surveys of the technical condition of real estate, preparing development proposals supported by market analyses and feasibility studies, property management plans, and advising on the implementation of related projects. We provide our clients with comprehensive information in all areas of real estate development and management. Our judicial experts offer professional assistance in disputes concerning real estate and construction, helping our clients to protect their legitimate interests.

References:

• Madách Promenade project
• Csillebérc project
• Ferihegy multifunctional building
• Olympic Games

As part of our real estate brokering services, we provide technical advice to our clients on the optimal utilisation and selection of real estate. We help our foreign and Hungarian clients find the real estate they require for purchase or rental (offices, industrial and commercial real estate, warehouses, and property for social housing). We carry out marketing activity tailored to our clients’ needs and the real estate to be sold, using scientific methods and drawing from our practical experience. The global PricewaterhouseCoopers network and client base, and our extensive professional relationships worldwide enable us to seek out potential buyers and investors.

References:

• Gozsdu Court
• Corvin Department Store
• Konzumbank corporate headquarters

Preparing tender documents related to environmental protection

Working closely with our EU & State Aid Advisory Services group, we provide the following environmental protection services in connection with preparing and reviewing applications for state aid and EU subsidies:

• Preparing and reviewing feasibility studies related to environmental protection
• Assessing the expected environmental effects, and identifying costs and benefits
• Assessing compliance with sustainability requirements

Environmental impact assessment, reviews, and single environmental authorisations

We support our clients from the early stages of their development projects in identifying critical environmental issues, and in collecting the documentation required for authorisation. For existing facilities, we undertake to carry out comprehensive environmental reviews for which we have the authorisation required by the authorities.

Environmental audits and due diligence related to the sale of real estate and privatisations

In close cooperation with our due diligence team, we offer environmental due diligence services prior to planned sale and purchase transactions.

References:

We carried out the Phase I environmental due diligence of Vértesi Erőmű Zrt. prior to its privatisation, commissioned by a potential buyer.

We reviewed Pannon GSM’s CO2 emissions reporting system in connection with the independent third-party certification of a report by the Telenor Group on its activities related to climate change.

The use and costs of real estate are increasingly important in the operations of businesses with a sizeable real estate portfolio. The leaders of these companies aim to achieve cost-efficiency and manage their assets more and more effectively, and the best way to accomplish this is through a real estate portfolio. Restructuring or consolidating a company’s assets is a complex, costly and time-consuming procedure. However, it is even more important that the tasks required fall outside the scope of activities and experience of the parties concerned. In such cases, we involve our most experienced consultants in the project. Our real estate specialists have the practical skills and experience that our clients need to evaluate and assess the available options, whether they are the owners, users, creditors or debtors of the real estate assets in question. As part of our consulting work, we review the existing assets, and their usefulness and usability. We develop strategies together with the company’s management, and make suggestions on the steps to follow, depending on the company’s needs and expectations. This service is closely related to two other specialty areas: real estate financing, and facility management consulting.

References:

• ABN Amro Bank
• ERSTE Bank Hungary Zrt.

Asset- or yield-based valuations may be necessary before a company is sold or disposed of in order to determine the value of assets provided as contributions in kind, as well as the value of collateral, business lines, or shares. We carry out our engagements using methods that are internationally recognised and comply with the Hungarian regulations, and we focus on valuation as a strategic tool that is part of companies’ business strategies. Our property valuation group plays an active role in transformations, preparing privatisations, assessing the value of contributions in kind for new companies, liquidation and voluntary dissolution proceedings, and asset valuations.

We provide the following property valuation services:

• real estate holding and portfolio
• managing and developing real estate valuation systems
• judicial expert services
• reviewing internal valuation policies
• assessing and reviewing market and liquidation value
• collateral valuation
• Machinery and equipment
• Manufacturing technologies
• Construction in progress

References:

• Paksi Atomerőmű Rt.
• Le Méridien Budapest Hotel
• DÉMÁSZ Nyrt.
• Stock Exchange Palace (Budapest)
• Hemofarm pharmaceutical company, Serbia
• Eurocar Ltd., Ukraine

Mortgage banks specialize in granting mortgage loans backed by real estate. Mortgage banks primarily raise the financial resources they need to fund their lending activity by issuing mortgage bonds to be sold to investors. Mortgage bonds are debt securities that typically have a long maturity. They are secured by interest and principal repayments of the mortgage loans provided by the mortgage bank (collateral), and liquid assets allocated by the bank to increase coverage (additional collateral). However, mortgage bonds are ultimately collateralized with the real estate holdings on the basis of which the mortgage loan is provided. In the mortgage lending process and the issue of mortgage bonds, property auditors play a special role. A property auditor, who is fully independent of the mortgage bank, ensures the availability of collateral for the mortgage bonds. Property auditors are also responsible for inspecting and evaluating property holdings, and auditing related land register records.

References:

Our firm currently provides property audit services for FHB Jelzálogbank Nyrt. and UniCredit Jelzálogbank Zrt. Between 2002 and 2006, we provided property audit services for OTP Jelzálogbank Zrt.