In direct response to the growing need for recovery, re-structuring and bankruptcy advise around the world, two leading property consultancies are launching specialist teams.
Savills is setting up a distressed property team at its New York office aimed at advising property companies and their lenders on how to improve their liquidity.
The team, led by US CEO John Lyons, executive managing director Jeffrey Baker, senior vice president Fredric Leffel and senior vice president John Wilcox, will work closely with its global advisory division in London.
It aims to provide advice on multi-jurisdictional and cross-border re-structuring services including bankruptcy avoidance strategies in Europe, the Middle East, Australia and Asia as well as the US.
'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,' said Lyons.
CBRE Real Estate Finance, the investment banking arm of real estate services group CBRE, has also announced a move into the restructuring, advisory and loan servicing business.
The move has been taken in the expectation that banks are likely to come under further funding pressure to recycle capital held in real estate loans, a spokesman said.
Mark Creamer is heading the recovery team in London which also includes Mark Evans and Will Ridley. It expects most of its work to come from banks and other investors as more assets come under pressure.