Team launched to help steady property woes

PROPERTY consultancy CB Richard Ellis has formed a dedicated corporate recovery team in Yorkshire to meet what it claims is an increased demand from overstretched lenders.
 
The move comes as declining values and weakening occupier sentiment in the UK and across Europe leads to increased strain within the real estate environment.
 
The new loan and corporate recovery division in the commercial property service provider’s Leeds office, led by executive director Charlie Wardroper, will provide advice for lenders and borrowers on a number of potentially distressed lending situations across the Yorkshire region.
 
Mr Wardroper said: “There seems to be a greater scrutiny within banks in relation to individual loans. It’s not a panic situation, but they’re investigating whether they can restructure or reposition things.
 
“If loans are at risk of default, our team at CBRE can offer strategic loan and corporate restructuring advice to identify and formulate strategies to manage the risks going forward on behalf of both lenders and borrowers.”
 
The team will advise lenders that need to recycle their capital and work out solutions for borrowers in breach of covenants.