The Zambia team undertook a valuation of the new Standard Chartered Bank office in Lusaka. This is a 9,000 sq m six storey building and the new head office for the bank, who will start to occupy the space in November 2020. The valuation, for investment purposes, was undertaken by Stanley Sikanyika and he worked with Stephen Flanagan and Faissal Habassi from Knight Frank Dubai.
Success Stories in 2020
The Singapore team was delighted to host a Client Event at the Singapore office on 9 January 2020. It was an opportune evening of sharing and networking joined by 60 valuable clients from the real estate, banking & finance industries, as well as high net worth individuals and investors. The evening was kickstarted by Rupert Johnson, introducing Knight Frank’s Global Valuation and Advisory service line and the Best Practices, followed by the current market trends in the UK, ‘Brexit’, the direction of travel and where investment opportunities lie. We wrapped up the insightful talk with a lively and interactive Q&A session with our clients.
The Philippines team reached another milestone at the Asia Pacific Property Awards for 2020-2021 after winning in
categories — the Philippines’ Best Property Agency and Consultancy Best Real Estate Agency (Single Office) and Best Lettings (Leasing) Agency, topping other real estate service providers in the country. A world-renowned mark of excellence, the Asia Pacific Property Awards is part of the International Property Awards that celebrate the highest levels of achievement of residential and commercial property professionals worldwide.
The Hong Kong team undertook Project Honda – Portfolio Valuation of various properties in Hong Kong, the People's Republic of China and Singapore.
Purpose was for public disclosure and acting under a very tight time schedule, we coordinated with the China and Singapore valuation teams.
The Tanzania team was seen by the banks as a “rigid” team to work with, based on our tendency of sticking to ethics and refusing to allow borrowers to influence and dictate values. But with time, the banks came to realise that unrealistic values affects their books, as the non-performing loans increased. Therefore, we have recently started to see them appreciating our ethical stance and have been including us on their panels. We reviewed and visited our past clients in searching for new assignments and managed to see an additional 10% of the budget.
Riyadh, Middle East
The Middle East team won the mandate to value the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia and comprising the new central business district of Riyadh. Fee of USD $520,000 and great track record, winning the mandate off JLL.
The Thailand team was assigned to do a valuation of The FORESTIAS Project, which is under construction, developed by Magnolia Quality Development Corporation Limited (MQDC), one of Thailand’s leading property developers. The project is located east of Bangkok in the Eastern Economic Corridor (EEC).
The project value is between USD $3 - 4 billion. The FORESTIAS includes multiple residential components with villas and condominiums aimed at a diverse range of lifestyles and family sizes, as well as commercial space for offices, a sports complex, lifestyle activities, retail, and food & beverage outlets, as well as family entertainment facilities in a Family Life Centre. There is a town centre for community activities and cultural pursuits, a theatre, an event hall, markets, and also a 1.6 kilometre elevated walkway that links many of the development’s components and provides a ‘nature-walk’ that weaves above the forest at the centre of the development. Other pioneering components that are being integrated into the town for the first time in Thailand is a residential area that is specifically designed to make life safer and more convenient for the elderly, including specialized facilities for daily activities, a clubhouse, and trained care-givers. There is also a 5-star hotel and a large medical centre with state-of-the art facilities and some of Thailand’s most eminent medical specialists.
The UK Student Property team provided valuation advice to Morgan Stanley who provided the debt to Blackstone on their acquisition of the “iQ Portfolio” from Goldman Sachs and Wellcome Trust. The iQ Portfolio is comprised of
operational student accommodation properties across the UK, eight further development sites, a hotel and three residential investment properties. The price paid for the portfolio was £4.7 billion. The acquisition by Blackstone was reported to be the largest private real estate transaction in the UK and this represented the largest single loan security valuation undertaken in the UK by Knight Frank. The total fee to Knight Frank was GBP £410,000. The project was led by Neil Armstrong and Sarah Jones, with support from across the business.
In late 2019 we were instructed by Goldman Sachs to value a portfolio of
‘Big Box’ logistics warehouses across Poland, Czech Republic, Slovakia and Hungary for loan security purposes at the point of purchase by sponsor GLP. With a portfolio value in excess of Euro €800m, total fees for this project including MLV valuations following a successful syndication were approximately Euro €170,000.
At the same time as Project Maritime we were instructed by Aareal Bank for the valuation of a further Big Box portfolio in UK, Italy, France and Germany, already owned by GLP and valued as part of a refinancing project. Fees for this project and subsequent additional work totalled Euro €180,000.