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News Release

Leeds

Key instructions for Jones Lang LaSalle as banks seek help


Leeds, 23rd January 2012 – Instructions to provide strategic property advice to banks on more than £75m of distressed property assets throughout the North, including in Yorkshire and Humber, have been won by property consultants, Jones Lang LaSalle.
 
The property banking mandates, which cover commercial and residential schemes, are being handled by Jones Lang LaSalle’s Leeds-based Real Estate Workout and Banking Advisory Group.
 
The instructions include development sites in Leeds, Sheffield and Middlesbrough, two office schemes in former North East enterprise zones, a portfolio of high street retail units requiring asset management, a residential portfolio of 130 units incorporating a part-complete scheme in Greater and south Manchester and a former nightclub in Nottingham.
 
To handle the new business gains, Jones Lang LaSalle has strengthened its Real Estate Workout and Banking Advisory Group with the appointment of new director David Scott, who joins from Lloyds Banking Group after completing a consultancy secondment providing turnaround, restructuring and realisation advice across the bank’s distressed real-estate loan book following the 2008 financial crash.
 
David Scott, previously a partner in the Capital Markets Investment Team at King Sturge, re-joins Real Estate Workout and Banking Advisory Group regional director, Colin Fell and director, Simon Cullimore, as the third qualified receiver, and creates one of the largest RICS qualified and  Association of Property and Fixed Charge Receivers (NARA) Registered LPA Fixed Charge Receiver teams in the North of England operating across mainstream and specialist sectors including hotels and licensed leisure, student and healthcare accommodation, project and development management and machinery and business assets.
 
Colin Fell said: “The Government is putting significant pressure on banks to strengthen their balance sheets and recycle money into both the corporate and commercial, small enterprise and retail banking sectors to stimulate growth in the economy. Our main focus in these instructions is to advise the banks on the preservation and enhancement of asset values as they look to support their clients whenever possible.
 
“With many property commentators forecasting further erosion of secondary commercial property capital values in 2012, we are predicting an increased demand for our services and have looked to strengthen both the workout and recovery business lines. David Scott’s experience in both the property and banking sectors as well as being a registered LPA fixed charge property receiver makes him a valuable addition to the group.”
 
Jones Lang LaSalle’s Real Estate Work Out and Banking Advisory Group Northern team advises on properties based along the M62 corridor, north to the Scottish borders and south to Birmingham.