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We work closely with our clients / investors to understand their unique needs and objectives in relationship to their real estate assets / portfolio. The work envisaged may entail enhancing the performance of the asset in terms of yield, an acquisition of an asset or a portfolio, an asset repositioning strategy or a totally new development concept. We would synthesize the end objectives with relevant market research and create a business plan or an investment memorandum as the situation demands. As a result we would articulate a concrete strategy and roadmap to achieve the desired objectives. Unlike most strategy consultant firms our work purely begins here and we stay on in the engagement right till the very end until the objectives have been delivered.
If the client / investor strategy has a development management component to their real estate holdings we would undertake that aspect as well under the overall realm of asset management. We see our role here as acting on behalf of the client providing advice on key areas of development management and sharing best practices on international products, construction projects from inception to exit.
Avista Asset Management would run the entire development management project on behalf of the client which would include selecting and managing – master planners / architects, quantity surveyors, interior designers, main contractors, M&E, lighting, landscaping consultants, etc. We would be responsible for crafting a development budgeted and a project plan and managing the entire project from start to end.
Real estate is an integral composition of businesses and corporates across Asia. In Asia real estate may not be the client’s core business but it will be deeply intertwined with the core business as a part of the client’s holdings. Some clients / investors have a portfolio of real estate assets and seek out professional real estate asset managers to manage their portfolio and increase the portfolio’s performance. This is where Avista Asset Management adds material value firstly by understanding the client’s objectives, creating an implementation strategy and road map and then owning the process right through the execution phase and till delivery of the envisaged outcomes.
Some client mandates are more complex than others and can range from improving net operating incomes of a portfolio, to remodeling of assets and / or changing their use to managing a distress portfolio of assets and advising on monetization / exit from the portfolio.
The genesis of the Avista Asset Management team is from the Private Equity Real Estate Fund & Asset Management domain. We are adept at serving Institutional investors, Financial Institutions (Banking & Insurance), Sovereign Wealth Funds, Family Offices from Europe, Middle East, China and Asia.
We have worked with these clients according to their specific needs in respect of structures be it a co-mingled fund, a single asset mandate / managed account and / or a pledge fund structure across various jurisdictions – British Virgin Islands (BVI), Luxembourg, Mauritius, Hong Kong and Singapore.
We work closely with the clients / investors to understand their desired investment structures and based on professional Legal & Tax advice lead the setting up and management of the Fund / SPV working with established service providers.
In certain situations our client’s projects / assets need additional capital to deliver a value added outcome. We work closely with our affiliate – Avista Advisory Partners to raise Equity, Debt, Mezzanine and/or Project Financing to achieve the projects objectives. This exercise of financing however is seamless to the client as he continues to deal with one party – Avista Asset Management.
Acquisition & Divestment
We assist our investors in acquiring assets depending on their investment criteria once we have been mandated. We work with our network of asset owners and service providers who have assets for sale and / or are looking for partial divestment in a joint venture framework or an outright sale. The acquisition process led by us on behalf of the investor will include but not limited to – conducting due diligence on the target asset which encompasses a review of Legal ownership, Taxation, Structural diligence, M&E, Environmental impact analysis, etc. We would further develop an asset management plan to be deployed on acquisition and model the investor’s financial returns on acquisition. We would also examine the best available debt options so that the investor returns are maximized. Once the asset is acquired we would be responsible for the ongoing asset management of the asset.
The old adage in real estate investment is that investor returns are only experienced on an exit event. Being a lumpy and time driven asset class we believe that for every investment there should be minimally two to three exit scenario’s explored at the onset of investment. We have lead on behalf of our clients the divestment of assets across the various spectrum of real estate products. We firmly believe that a prudent asset manager carries out a divestment analysis annually once the asset has stabilized and all the asset management strategies have been implemented.