Savills targets distressed real estate
Savills has become the second property group in a month to push into the real estate recovery business, after launching a team to help real estate companies and their lenders with their liquidity needs.
The team will be jointly led by John Lyons, the chief executive of Savills Americas, who joined the group when it acquired a real estate investment bank last year that he co-founded, executive managing director Jeffrey Baker, and senior vice-presidents Fredric Leffel and John Wilcox.
The new team will link Savills' US real estate banking experience with the recently acquired global capital advisory business, which is based in London, Savills said in a statement.
Lyons said: "There is definitely going to be work that comes through the government as well as borrowers and owners of real estate who need help working out their issues."
Savills said the new group will offer a range of restructuring and bankruptcy advisory services including creditor or debtor advisory, restructuring advisory work for lenders or borrowers, bankruptcy avoidance strategies. The group will also be able to perform three types of recapitalisations.
The move by Savills comes just a month after CBRE Real Estate Finance, the investment banking arm of commercial real estate services group CBRE, announced a push into the restructuring and advisory and loan servicing businesses.
--write vahuja@efinancialnews.com
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