PwC Real Estate Deals Services www.pwc.com/it The complete PwC Strategy M&A Positioning Due Diligence (DD) Financial modelling Debt advisory Real Estate Deals Services Investment advice Buy-side DD Acquisition/Fund models Financing advice PwC is present in 157 countries and employs more than 208,000 professionals, • Deal Sourcing / Deal • Financial Due Diligence • Financial models for • Identification and valuation of who share know-how, expertise and, above all, the same vision of the standards origination • Real Estate Due Diligence: acquisition structuring and available funding options required to satisfy our Clients. • Investment strategy • Net Operating Income pricing (for the acquisition of • Initiation of (first) contacts to consulting Analysis (NOI-Audit) single properties as well as of potential lenders and leading PwC has constantly earned the market trust, through its set of activities in support • Conceptual design of real • Commercial Due Diligence real estate companies) the refinancing process of Institutional Investors, Governmental and Supervisory Authorities in different Acquisition estate funds • Determine Market Value • Fund models (open-/closed • Consulting on SPL-NPL- countries, with the aim to help the development of business practises and • Evaluation of Asset and • Tax due diligence -end, German “Spezialfonds”) transactions activities across the world. Share Deals • Legal due diligence • Sensitivity and scenario • New credit and refinancing of PwC stands out for the ability of assisting its clients across the world, providing • Coordination of the analyses projects prompt and highly professional services, which are considered the key factor of its acquisition process including success. SPA advice Post Deal Services Development Advisory Planning & Forecasting Restructuring The PwC organization is designed as a matrix which cross the Lines of Service (Assurance, Advisory and Tax and Legal) and the Industries. • Analysis of integration • Construction controlling • Preparation/analysis of • Short term cash flow analysis A specific Industry is coordinated by the Industry Leader, who is in charge progress • Commercial and technical business plans • Recovery strategy definition of managing the operations nationally and integrating the activities globally, • Consulting on repositioning audit • Development and • Financial advisory to borrowers leveraging on the exchange of expertise and know-how across in the market • Internal Real Estate Audit implementation of planning and lenders the PwC network. • Restructuring reports • Market feasibility and models/business plans • Refinancing according to IDW S6 demand analysis: assessing • Model Review US$41.3 bn Holding Period • Assessment of available project revenues and • Highest and best use: revenues for the fiscal year options of action operating costs identifying the type of ended 30 June 2018 • Tax and legal assistance • Real Estate Risk analyses development uses which maximize rate of return 64,776 people 250,930 people Sell-side model service Loan disposal advice including 11,404 partners joined PwC firms Sell-side lead advice Vendor DD and 239,526 staff • Analysis of the investment • Financial Vendor Due • Preparation/Review of • Consulting on the disposal of market Diligence financial models for available loans 721 • Assessment of marketing • Real Estate Vendor Due disposal options • Initiation of contacts to locations strategies Diligence • Derivation of indicative prices potential investors and Exit • Leading the entire • Vendor Assistance (for the disposal of single leading the loan disposal divestment process (incl. • Vendor Fact Book properties as well as for real process marketing, to the relevant • Tax due diligence estate companies) • Contractual legal assistance Thanks to our Pan – European investor groups, DD • Legal due diligence network, we are present in coordination, negotiation 14 countries in Europe with support until completion) professionals and experts who share know-how, expertise and, above all, the same vision of the standards Residential Offices Industrial Commercial required to satisfy our clients. Services Student Hospitality Development RSA Housing Technical Valuation Due Diligence The Italy RE Team is composed of a group of professionals who have developed 1 Highly professional advice from an exclusive partner a wide-range and in-depth expertise in companies operating in the RE industry Unlike boutique advisors, brokers and investment banks, PwC offers all and across different asset classes. relevant deal themes (Real Estate-Financial-Tax and Legal Know-How) as As soon as a team exclusively dedicated to the Real Estate Industry was one company. This saves you costs by reducing interfaces while increasing Market Report Advisory created, providing a wide range of competencies across different asset classes, the quality of the advisory services you receive. remarkable results have been obtained: Public Financial Agencies & • development of additional know-how; Extensive experience in national & international transaction market Institutions Administrations • creation of an international and multidisciplinary team, able to completely 2 Through our numerous national and international advisory mandates, we are satisfy our clientele, whichever sector it is willing to operate in; the world’s leading professional service firm. This guarantees you a focused Financial Institutional Private Tenant • development of customised techniques resulting from our team expertise; Restructuring and Private and a highly competitive market access at the same time. Client companies Representation & NPL’s Investors • know-how sharing across our international network. You benefit from our excellent reputation in the market 3 Investment Real Estate Our track record proves our wide acceptance and our extensive experience Funds companies Global Network Know-how integration in complex transaction services and real estate tax and legal structuring.Our Combined approach across the PwC Multidisciplinary approach all along reputation secures you access also to reclusive and risk-adverse investor groups. Tax & Legal M&A global network the transaction process Advisory Capital Markets Wide-range expertise Specialization We are independent and work strictly off the record +250 The Track record witnesses our well In-depth expertise in the Real Estate Industry 4 We offer independent advisory services under the highest standards established reputation in both corporate and of confidentiality to which we are obliged by law and professional regulations. Financial Hospitality financial advisory and professional assistance Due Diligence Analyzed Companies / Independence Funds Independent financial advisor providing experts and professionals of recognised reputation Key People The senior team is backed by a proven track record within the real estate industry and has acquired vast experience from holding managerial roles in leading firms. PwC, in addition to the team dedicated to real estate in Italy and globally, is able to offer clients an extensive network of managers to assist on the most demanding projects. Antonio Martino | Partner, Italy Marco Giganti | Senior Manager, Italy Real Estate Deals Leader Machinery & Equipment Valuation In PwC since 2014, with over 26 years of experience in the Real Estate Marco is an expert in Machinery & Equipment valuations, especially Industry, Antonio is currently responsible for the Real Estate Industry: for purchase price allocation, negotiations, restructuring and financing valuation, strategy, M&A, capital markets and technical/financial due operations, business branch conferment, IAS transition, companies diligence. Active in the real estate sector since 1992, he was in Gabetti in suffering conditions or bankruptcy agreement, fairness opinion on Property Solutions from 1994 to 2007, holding positions of increasing investment projects. Marco is Accredited Senior Appraiser at the American responsibility and acting as advisor in the various asset classes of the Society of Appraisers (ASA). market. From 2008 to 2014 he was the General Manager of Patrigest, a company specialized in real estate valuation and strategic consulting for Federico Colacicchi | Associate Partner, Italy institutional investors. Currently, he is engaged in strategic assessment Financial Due Diligence of real estate portfolios, optimization of real estate management by During his tenure at PwC, Federico has focused on the real estate studying the various alternatives on the market, evaluations, elaboration industry, leading several high-profile transactions advising prime of business plans/industrial plans, due diligence and M&A operation. institutional domestic and international investors. His main clients include Antonio is a member of the RICS “Royal Institution of Chartered SWF such as large pension funds, as well as prominent asset managers Surveyors” since 2009. both Italian based and international. He qualified as a CPA in 2006. Fabrizio Giacon | Senior Manager, Italy Michele Peduzzi | Associate Partner, Italy Technical Due Diligence Financial Restructuring and Single Names NPLs Fabrizio entered the real estate industry in 1998, holding various positions After an experience in a leading Italian bank, since 2007 Michele is part throughout his career, and for the last 10 years was responsible for of the PwC crisis department and he has been involved in operating and the Due Diligence and Property Management department of a leading financial restructuring