Real Estate & Infrastructure Advisory
Commercial real estate, property valuation, mortgage structuring, and the infrastructure development frameworks for sovereign urban programmes across the Gulf and emerging markets.
Real Assets in a Rate-Reset World
Global commercial real estate transaction volumes collapsed 45% from 2022 peaks as rate normalisation repriced cap rates across every asset class. The correction exposed the fundamental tension in institutional real estate: assets underwritten at 3-4% cap rates with floating-rate debt now face refinancing at 200-300bps higher spreads. Distressed opportunities in office (structurally challenged), retail (selectively recovering), and logistics (supply catching demand) require granular asset-level analysis, not sector-level allocation models.
Gulf real estate operates on different fundamentals. Dubai transaction values reached record levels in 2025 driven by population growth, residency visa liberalisation, and the relocation of UHNW capital from Russia, India, and the UK. Saudi giga-projects (NEOM, Diriyah, Qiddiya) are creating net new supply at sovereign scale. We advise on valuation, structuring, and capital raising across this landscape.
Our Capabilities
Transaction advisory for commercial, hospitality, and mixed-use assets. Valuation under RICS Red Book and IVSC standards. Market entry strategy for developers and institutional investors entering Gulf and African markets.
Residential and commercial mortgage structuring, Islamic home finance (Murabaha, Ijara), CMBS, and the refinancing advisory required as rate-reset cycle impacts portfolios underwritten at historically low spreads.
Concession structuring, availability payment modelling, and the bankability assessment required to convert sovereign infrastructure ambition into committed project finance. From mega-project governance to municipal PPP frameworks.
Real estate advisory that integrates asset-level analysis with sovereign development context. We understand that a Dubai tower and a Riyadh giga-project operate under fundamentally different economics, governance, and timeline assumptions — and we advise accordingly.