Real Estate

We provide a range of services to a wide variety of players in the real estate and hospitality markets, such as investors and developers, banks, servicers, hotel companies, corporate occupiers and public sector entities. Real Estate & Hospitality Market Studies and Benchmarking.

Accredited Valuations: 

• RICS accredited valuations for financial reporting, funding, acquisitions, sales, and leasing decisions
• Thorough assessment of market data, property condition, and economic trends, adhering to local and international valuation standards
• Ensuring transparency and accuracy for stakeholders such as investors, lenders, and corporate clients, supporting critical transactions and financial reporting.
   

Investment Appraisals:

• Evaluation of the financial viability of real estate investments to help clients make informed decisions on acquisitions, developments, or disposals. 
• Analysis of cash flows, risk factors, market trends, and potential returns (e.g. IRR, NPV, ROI, ROE MoIC).
   

Feasibility Studies:

• Detailed analysis of market conditions.
• Financial projections.
• Regulatory factors and development risks. 
• Evaluation of project viability and optimal design and layout.
   

Market Research & Benchmarking:

• In-depth market research and comparative analysis of real estate assets.
• Benchmarking against industry standards and market peers.
• Extensive market knowledge and robust internal database, employing  specialized BI tools to gather, analyze, and present critical information. 
   

Hotel Valuation Services
 

Hotel Valuations and Feasibility/Repositioning Studies 

Our extensive knowledge of the Greek hospitality market and our comprehensive database of comparable hotels enable us to deliver top-tier feasibility studies and hotel valuations for various purposes. We possess expertise across the hospitality spectrum, from city hotels and beach resorts to integrated projects that include residences.

Hotel Financial Assessments

• Comprehensive evaluations of financial performance, market position, and growth potential.
• Key metrics: occupancy, ADR, RevPAR, and operating expenses.
• Valuations consider market trends, competition, and location dynamics.
• Reliable valuation methods (income capitalization, sales comparison) for acquisitions, refinancing, and portfolio management.
• Fair value valuations to comply with IFRS standards.

Feasibility Studies & Advisory

• Expert guidance on hotel investments, development, and repositioning.
• In-depth market analysis and recommendations on optimal hotel type, room mix, amenities, and branding.
• Forecasts on ADR, occupancy, sales velocity, and rental pool options for integrated resorts.
• Comprehensive KPI calculations: project IRR, developer profit, Equity IRR, ROI, and ROE.

A successful hotel repositioning strategy focuses on adding value through several key steps. These include achieving a competitive entry price, allocating repositioning capital expenditure (Capex), introducing a new operator and brand, and ensuring contract alignment between owner/operator/franchise partner. The aim is to drive an increase in total revenue per available room (TRevPAR) and operational efficiencies, ultimately enhancing EBITDA and boosting valuation multipliers. This results in significant value creation, often referred to as "Alpha" for the property.

Our experienced team of professionals has a strong track-record of successful transactions, with a wide-reaching network of contacts with local and international real estate and hospitality investors, and real estate owners and users, and can assist in all aspects of sourcing, structuring and negotiating a successful transaction for individual assets, real estate owning SPVs or REO portfolios (end-to-end). 

Sell-Side Structured Processes:

• Sale or long-term lease of real estate and hospitality assets
• Structured processes for  Private and Public sector

Buy-Side Acquisition / Leasing:

• Scope requirements
• Identify suitable assets
• Negotiate purchase / lease

An indicative structured sale process typically unfolds in several key stages. It begins with Market Sounding, involving market research, engagement with a sample of potential investors, and assessing feedback to shape the strategy. 

Next is the Process Phase, which includes finalizing the sale process, conducting asset valuation, agreeing on a target selling price, and preparing transaction documents such as the teaser, process letter, and information memorandum (IM). 

Phase I – Non-Binding Offers follows, during which the universe of targeted investors is identified, invitations for Expressions of Interest (EoI) and investment teasers are sent, NDAs are executed, and interested parties receive the process letter and IM. A virtual data room (VDR) is then opened, non-binding offers (NBOs) are collected and evaluated, and the bidders are prequalified. 

This progresses to Phase II – Binding Offers, encompassing a due diligence phase with Q&A sessions and management meetings, leading to the submission of binding offers (BOs) and, optionally, best and final offers. These offers are then evaluated to select a preferred bidder.

Finally, in the Closing & Signing phase, the preferred bidder is announced, legal documents are negotiated, and the transaction is formally signed and closed.

All private and public sector corporations occupy owned or leased offices, warehouses, production facilities, retail stores etc. in the course of their day-to-day business. In light of major challenges such as flexible workspaces, technology and innovation, cost inflation, rising financing costs and ESG practices, it is necessary to have in place an overall strategy for the cost-effective management of these assets, helping organizations optimize their real estate portfolios to align with business goals. Such strategies can help reduce costs, create liquidity for the core business, and increase work productivity. Below we present different approaches to our services from a Corporate Real Estate view:
 

Portfolio Management (Strategic):

• Business strategy alignment
• Digital & data analytics
• Strategy planning (location, asset, workplace, facilities services) 
• Portfolio performance / KPI measurement

Asset Management (Tactical): 

• Asset planning (location, workplace, facilities services) 

Property Management (Operational): 

• Building management
• Soft & hard facilities services, EHS services
• Lease/contract management and technology
• Brokerage & valuation services 
• Project management services
• Design & build services 

Among the key corporate strategy drivers are the race to net zero, digitalization and the future of work. CRE plays a crucial role in delivering on a company’s corporate strategy objectives. The CRE function is elevating its strategic importance and should be prepared to respond quickly to keep pace with business change. Those companies that integrate both CRE and business strategies are expected to deliver greater value in the short and long term.

More specifically we provide services for:
 

Real Estate & Portfolio Strategy:

• Space and Function Requirements: Personnel analysis leading to optimization of space used/identification of excess space/non-operational real estate which can be monetized.
• Real Estate Cost and Investment Requirement Analysis: Main cost drivers, opex/capex and scope for efficiencies. 
• Portfolio Analysis: To determine e.g. market value of owned space, rents paid Vs market rents.
• Introduction of KPIs: Technology-based Business Intelligence Solutions for ongoing monitoring. 

Workplace Strategy:

• Strategic Space Planning: Aligns workspace design and layout with business goals, optimizing for productivity, employee satisfaction, and space utilization. 
• Workforce and Space Analysis: Uses data analytics to assess employee needs, utilization patterns, and space performance to support real estate decisions. 
• Future of Work Strategy: Develops tailored solutions to support hybrid working models, flexible workspaces, and technology integration.
• Change Management Support: Helps manage the transition process for employees, ensuring smooth adoption of new workspace designs and practices. 
   

Data Management & Digitalization: 

• Property Register and Database: Gather, cleanse, validate, digitize and migrate real estate-related documentation and data sources to a centralized Data Management System (DMS). 
• Electronic Real Estate Management System: Develop and configure a system (e.g. SAP® based or other) to incorporate the organization's specific real estate management processes, workflows, and reporting requirements and integrate with other modules such as accounting, IFRS 16, project management, planned maintenance, DMS, GIS, and Auto-CAD, to enable data exchange and process integration.

Target Operating Model for Real Estate Management:

• Assessment of current processes, defining future-state operations, and implementing efficient governance structures, according to KPMG’s 6-layer methodology: 

1. Processes
2. Technology
3. People
4. Data and Reporting
5. Governance & Controls
6. Service delivery model

• The result is a streamlined, cost-effective real estate function that supports growth, enhances decision-making, and improves operational agility across the organization.

ESG Readiness:

• Assessment of properties for energy efficiency, carbon emissions, and environmental impact.
• Evaluation of social factors like tenant wellbeing and community engagement.
• Assessment of governance structures, ensuring compliance with evolving ESG regulations and standards. 
• By conducting ESG due diligence, assessing the feasibility of and implementing green building strategies, and enhancing corporate sustainability reporting, we help clients improve asset value, reduce operational risks, and meet investor and stakeholder expectations for responsible real estate management. 

Real Estate Spin-Off / Sale-and-Leaseback Advisory & Execution:

• Assessment of the impact of selling operational real estate assets either as a portfolio or individually in terms of liquidity, P&L / Balance Sheet impact, operational considerations. 
• Assistance in undertaking all steps in finding a suitable buyer, structuring a transaction and negotiating a successful sale.

We offer advice and guide our clients through all the necessary stages of a funding process, such as the documentation (e.g. application files for RRF or Enterprise Greece), business plans (development and reviewing), assessment of the project’s targets (sustainability, financial viability, impact on Greek economy) and supporting in negotiations with funders. Depending on individual circumstances the options might include:

• Recovery Resilience Fund (RRF) Loans: The Recovery and Resilience Fund addresses pandemic impacts, fostering sustainable, resilient European economies for green and digital transitions.
• Strategic Investments: Strategic Investments enhance the economy by promoting employment, sustainability, innovation, competitiveness, and efficient resource use.
• Development Law Incentives: Development Law 4887/2022 offers 13 aid schemes to encourage private investments through tax incentives, grants, and subsidies for digital and green transitions in Greece.
• EU Funding Programs – ESPA: A solution that is planned to support, among others, innovation, digital transformation, improvement of the tourist ecosystem, green development and environmental sustainability.
• Bank Loan: A traditional bank loan provides clients with borrowed funds for personal or business needs, requiring regular repayments with interest. It offers immediate capital with structured terms for repayment over time.
• Credit Funds: A credit fund pools capital to provide loans or credit to borrowers, typically focusing on specific sectors or types of loans, aiming for returns through interest payments.

KPMG delivers comprehensive tax advisory services, ensuring clients remain compliant and strategically positioned. We conduct detailed due diligence to mitigate tax risks, offer support for mergers and business re-organizations, and provide expert guidance throughout these complex processes. Additionally, we assist clients with seamless tax audit support, managing documentation and responses to achieve positive resolutions and maintain compliance with regulatory standards.  In summary, our services cover the following areas: 

• Corporate Tax: Our team assists in all the range of corporate tax matters including corporate real estate, acquisitions, project financing, diagnostic reviews, due diligence and review of contracts from a tax point of view. 
• International Tax: We provide advisory services regarding tax implications from incoming and outgoing investments and cross border transactions. We also advise on tax implications on investments in Greek Groups, and any cashflows applicable to double tax entries in the EU (European Tax Law) as well as third countries. 
• Transfer Pricing: We provide advisory services for transfer pricing planning, corporate structures, issues in transfer pricing and Advance Pricing Agreements, among other services in transfer pricing.
• Indirect Taxes and Real Estate: Our team provides VAT advice on domestic and international transactions and restructuring, optimization of VAT, and offers services to ensure tax compliance throughout the life cycle of a property.
• Tax Audit and Litigation Support: We support and assist during the entire tax audit process and negotiation processes, whilst also preparing documentation and formulating agreements during a tax litigation process.
• Global Mobility Services: Our team provides advisory for executive payment schemes and personal tax issues. We also provide assistance with tax compliance services and social security services.

CPA Law is the independent member firm of the KPMG network in Greece and works close together with KPMG’s experts in Greece. With our excellent knowledge of the market combined with our extensive experience in transactions and our legal project management capabilities in complex projects, we provide to our clients end-to-end legal support with a holistic approach. Our legal real estate services cover all phases of the real estate project life-cycle and include: 

• Sales, Purchases and Concessions: We provide comprehensive legal support for property acquisitions, dispositions, MOUs, and participation in tender and auction processes. Our services include strategic guidance, negotiation, and drafting of lease and concession agreements to ensure client interests are protected and aligned with regulations.
• Legal Due Diligence: Our team conducts thorough due diligence, reviewing contracts, ownership titles, report on legalization issues and planning authorities, and other pertinent materials to identify risks, ensure compliance and apply mitigation measures.
• Expansion, Construction and Management: We prepare and oversee construction-related contracts, ensuring they meet project specifications, timelines, and financial parameters.
• Regulatory and Government Relations: Our firm advises on licenses and permits, land use, archeological findings, characterization of forest land, and provides representation before Cadastral Offices, Urban planning authorities, Government councils and other authorities or organizations.
• Litigation: We assist in property related litigation, from disputes about servitudes of passage, property borders, property occupation, polluting emissions to disputes with municipalities and town planning contributions in land or cash.

• Office, inc. green certified buildings
• Retail
• Residential (Apartments/serviced apartments, villas, branded residences, student accommodation, senior/assisted living).
• Hospitality (City hotels, resorts)
• Logistics 
• Life sciences