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Real Estate Services

Financial advisory services

  • Financial due diligence
  • Commercial due diligence:
    • Comprehensive lease agreement analysis
    • Comprehensive service agreement analysis
    • Lease agreement collateral analysis
    • Investment/real estate functionality assessment
    • SWOT analysis (real estate against the background of the local or parallel markets)
    • Identified risk quantification: real estate valuation in accordance with Polish and international standards, advisory services related to effective commercial property management, real estate operational audit
    • Property management financial and operational effectiveness analysis
    • Property management procedure review
  • Customized, transaction-specific procedures
    • focused on real estate issues (including, but not limited to, profitability, occupancy rate, timely rental fee payment by lessees, service charges, long-term financing, capitalized investment costs, debt recovery ratio, financial instruments)
    • focused on construction issues (including, but not limited to, profitability, contract measurement, work-in-progress measurement, cooperation with subcontractors, working capital management, guarantees, debt recovery ratio, financial instruments).
  • NOI reviews
  • Assessment of transaction-related financial risk
  • Advisory services related to the financial aspects of share purchase/sale agreements
  • Purchase price setting mechanism review
  • Cash flow modeling, financial model review
  • Forecast preparation and review
  • Enterprise valuation, measurement of fixed and intangible assets (including, but not limited to, trademarks and goodwill)
  • Impairment test analysis
  • Advisory services related to purchase cost allocation
  • Transaction/negotiation process support
  • Investor and investment objective search
  • Advisory services related to the financial structure of transactions
  • Transaction process management
  • Searching for non-standard sources of funding
  • Transaction closing support and advisory services

Tax advisory services

  • Tax due diligence
  • Pre- and post-transaction investment and transaction structure design
  • Agreement and other document drafting support
  • Preparation of balance sheets for tax purposes
  • Modeling tax implications
  • VAT recovery process support
  • Ongoing advisory services and tax optimization of operations

Key issues:

    • difference between the price paid for assets purchased and their initial value for tax purposes
    • increasing the value of assets for tax purposes so that the initial value equals the purchase price
    • tax liability reduction/elimination
    • reduction of transaction costs related to asset purchases and financing
    • profit repatriation

Sample solutions:

    • increasing the initial value of assets through contributions in kind or SPV winding up (the initial value of fixed assets is increased to the market value)
    • complex, fund-company type structures (no CIT)
    • financing model changes (reduction of tax on civil law transactions or its elimination)
    • share buyback and cash box structure liquidation (reduction of corporate income tax, withholding tax and tax on civil law transactions)

Audit

  • Financial statements audit and review
  • Transaction opening/closing review aimed at determining the final purchase price
  • Restatement of financial statements
  • Financial reporting
  • Development of and consultations concerning accounting policies, corporate charts of accounts as well as finance and accounting department organization
  • Implementation of International Financial Reporting Standards at companies applying local GAAP
  • Support in the introduction of securities to public trading and restructuring
  • Training related to accounting, financial reporting, IFRS, consolidated financial statements preparation and other issues

Consulting

  • Real estate portfolio strategy development and implementation
  • Real estate investment portfolio restructuring
  • Real estate use cost optimization
  • Real estate investment profitability analyses (business case)
  • Real estate market analyses

Risk management advisory services

  • Identification and assessment of project- or transaction-related business risks
  • Audit of compliance with contractual requirements and contractual risk assessment
  • Advisory services related to internal control and internal audit of investment projects
  • Assessment of outsourcing risks related to selected processes or real estate project aspects
  • Identification of market and credit risks related to transactions (including, but not limited to, the currency or interest rate risk inherent in loans or sales agreements)
  • Advisory services related to currency and interest rate risk hedging structures
  • Measurement of financial and hedging instruments embedded in or linked with transactions (including fair value measurement of derivatives)
  • Accounting issues
    • identification of contract-embedded instruments (such as options in financing agreements)
    • hedge accounting implementation to hedging strategies (IAS 39, FAS 133)
    • advisory services related to accounting recognition of transactions (including, but not limited to, convertible bonds and financial structures)

Legal assistance

Our lawyers offer support in development of the legal framework for the aforementioned services. The scope of such assistance includes preparation of necessary documents and regulations, acting on behalf of your Company as well as provision of advisory services.

More information on real estate related legal services is available on the Deloitte Legal website.

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