Lauressa Advisory is a specialist Europe-focused real estate advisory firm which identifies exceptional opportunities for equity and debt investment - mainly in commercial property but also in residential real estate.
We seek opportunities in countries where a disconnect between sentiment and fundamentals has given rise to mispriced assets or where there is scope for new sources and structures of finance.
We focus on portfolios or companies with a significant real estate content which do not appear on the open market.
Lauressa Advisory was established by Richard Petersen and Dr Nicholas Spiro. Mr Petersen, a chartered surveyor, was the former managing partner of Cushman & Wakefield in Central Europe, while Dr Spiro, an economist, was the founder and managing director of Spiro Sovereign Strategy, a niche London-based consultancy specialising in sovereign risk.
Europe’s commercial real estate investment markets are in a state of flux. Ultra-loose monetary policies have increased the appeal of higher-yielding property despite weak fundamentals in a number of markets. Valuations have become distorted amid artificial central bank-driven stability in financial markets. Lauressa Advisory identifies investment opportunities based on a “markets first, assets second” approach in which the occupational and macroeconomic underpinnings of the opportunity are the overriding considerations. We believe this is where the true value of real estate assets resides.
Richard Petersen founded the first western commercial real estate agency/consultancy in Poland and Central Europe in the early 1990s and then led the expansion of Cushman & Wakefield (C&W) in the region as managing partner in Warsaw until 2012. Mr Petersen is a member of the Royal Institution of Chartered Surveyors (RICS).
Dr Nicholas Spiro was the founder and managing director of Spiro Sovereign Strategy Ltd, a niche London-based consultancy specialising in sovereign credit risk. Dr Spiro has advised institutional and private investors on macro-political developments in advanced and emerging markets and is a regulator commentator in the financial media, including the Financial Times and Bloomberg.
Over the past several years, Europe’s commercial property investors have dragged themselves up a wall of worry as a plethora of risks and vulnerabilities in financial markets have threatened to undermine sentiment, writes Nicholas Spiro, partner at Lauressa Advisory.
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European central bank policies—in particular negative interest rates—will lead to greater volatility and could bring a wave of NPL deals to the market, not least from Italian banks, says Nicholas Spiro, partner at Lauressa Advisory
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Central banks are under pressure to mitigate geopolitical risk, says Nicholas Spiro
Is this the year politics starts to drive financial markets?The potency of central banks’ ultra-loose monetary policies in desensitising investors and traders to country-specific risks has been one of the most conspicuous and troubling developments in markets over the past several years.
You can also read this article on FT.com
Time to reassess the investment case for Poland and Spain
Poland and Spain are not the investor darlings portrayed by many property strategists and journalists, argues Nicholas Spiro, partner at London-based investment consultancy Lauressa Advisory. In this commentary, he calls for a reassessment of these markets.
You can also read this article on PropertyEU
Is investment in European real estate as safe as houses, asks Nicholas Spiro
Europe’s economies are hardly roaring back to life. Last year, the eurozone expanded by less than 1 per cent, with France and Italy, which together account for nearly 40 per cent of the bloc’s output, remaining flat on their backs in the final quarter of 2014...
You can also read this article on ft.com