Industry
Real Estate, Construction & the Built Environment
Capital, development and operating decisions across the property cycle.
Thyor advises developers, property investors, construction groups, design businesses and building-material companies on project models, refinancing, portfolio reporting, tax and restructuring.
Sector economics
What matters financially in this industry.
Real estate, construction and development businesses are exposed to financing cost, project timing, lease or sales assumptions and capital calls that can move materially over the life of an asset. The relevant financial model must therefore remain live after the initial investment decision.
Private developers and family-owned operators also frequently hold real estate inside broader operating and ownership structures, creating tax, liquidity and succession questions that are inseparable from the project economics.
Thyor supports investment cases, refinancing analysis, portfolio reporting, tax planning and special situations across privately held assets and operating businesses.
Current pressures
Where economics, capital and operating reality are moving.
- 01
Financing costs change development and hold economics
This pressure changes the operating assumptions behind the plan and needs to be visible in the financial model.
- 02
Project cost overruns consume equity
The issue can remain manageable until growth, financing or a transaction raises the standard of evidence required.
- 03
Portfolio reporting obscures asset-level risk
The financial consequence depends on timing, concentration and management's ability to change the underlying operating driver.
- 04
Refinancing decisions arrive in concentrated windows
The relevant exposure should be measured before it becomes a board, lender or investor surprise.
Decisions
The questions management and capital providers have to resolve.
- 01
Development cases
Underwrite land, construction, lease-up and exit scenarios.
- 02
Capital and refinancing
Prepare lender models and compare capital options.
- 03
Portfolio reporting
Standardise asset-level performance and liquidity.
- 04
Special situations
Stabilise pressured projects or operating companies.
Representative situations
How the advisory work tends to show up.
Development re-underwrite
Cost, timing and financing changes reframed the go-forward decision.
Portfolio maturity programme
Asset-level models supported refinancing priorities and lender discussions.
Next step
A real estate & construction situation to discuss?
Describe the economics, constraints and decision in front of the business. The firm will be direct about where it can add value.