Moran Asset Management

Consultancy

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We combine market-leading analytical skills with pragmatic market insight derived from both primary research and a wide range of industry contacts. Whether we are delivering a whole fund strategy programme or a single asset-specific business plan we always focus acutely on the underlying property fundamentals.

 
Moran Asset Management has extensive experience of delivering successful consultancy projects across a series of commercial property sectors and countries throughout Europe.

Our experience as strategic investment advisers ranges from delivering award-winning research into the future of the UK High Street to being retained to advise on in excess of €1.5 billion of institutional funds.

We love to challenge established thinking on the dynamics of any project. We never lose sight of the underlying business principles of any property asset or sub-sector of the market.

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The range of consultancy engagements in recent years has been incredibly varied. The breadth of work is perhaps best demonstrated by listing a number of recent instructions:

  • A comprehensive study of a €450 million shopping centre in Finland to determine its key strengths and weaknesses with a view to future capital commitments
  • Engagement as strategic adviser to €1 billion+ pan-European investment fund
  • Annual assessments over an eight year period of the dynamics of the German retail property market in relation to occupational and investment trends
  • Pre-acquisition due diligence on a number of shopping centres and retail parks throughout the UK and continental Europe to robustly determine both areas of weakness in respect of existing tenant performance and, going forward, future asset management opportunities
  • On behalf of a private investor client we have investigated the rental potential of several micro-office markets within the West End of London with a view to potential acquisition
  • Assessment for the market potential for a pan-European investment fund focused on the Healthcare sector
  • Engagement as strategic adviser to £300m+ UK investment fund
  • For a leading English football club we have assessed a number of sites for a major new stadium and necessary enabling works to provide independent funding
  • For a major UK retailer we have mapped out 10 and 20 year development scenario across 50+ retail centres within Greater London
  • On behalf of major bar/restaurant operator we delivered several city-wide strategic reviews of their multi-site estate in advance of possible disposals or refurbishment programmes

 

Multi-asset investing is the process of gaining exposure to a diverse mix of assets and/or sectors in one investment portfolio. This approach generally increases the probability of meeting investment goals.

We have substantial experience built up over the last eight years advising a range of funds from sub-£20m family office mandates to €1 billion+ pan-European institutional investment funds.

We believe robust multi-asset portfolios should invest across many dimensions, including return source, risk exposure, investment style and investment horizon. We also believe these investments should have the capability to be dynamic and flexible, responding to often ever-changing market conditions and the evolving needs of the investor. We focus on the overall portfolio, working to ensure that it represents the best available risk and return trade-offs.

Assessing and managing total portfolio exposures involves a combination of principles, evolving market insights and portfolio views. This assessment and management combines long-term views on return sources and current market dynamics. Critically we always look to factor in detailed individual property assessments to ensure that local and building-specific issues are fully accounted for in any portfolio strategy.


No two property assets are the same. For each instruction we look to develop a customised strategy aimed at improving underlying value over a sustained period. We also recognise that property markets can be very cyclical and, with the benefit of experience, we always look to take a step back and understand the core function of any single asset.

For any retail asset the key question must always be the trading performance of its occupiers relative to the occupancy costs. Likewise for any commercial asset in the office or industrial asset the dominant theme must be to interrogate the functionality of the space – in the context of local and national market trends.

Ultimately we view property as A.N. Other variable in the business model of its occupier base. The occupier is the customer and the customer is king. Understanding the true level of fit between the occupier and the property asset is therefore key to positive occupancy rates and income development over the long-term.

Whilst each and every property is unique we nonetheless approach any asset instruction seeking answers to three fundamental questions:

  1. How does the asset function?
  2. What risks face this asset over the short, medium and long term?
  3. What opportunities are there to improve the income return and asset capital value?

We delight in taking any real estate project – whether investment-orientated or from an occupational base – and stripping it back to its constituent elements to understand that property’s performance drivers. We adopt this approach when working to acquire or develop either a single asset or large scheme.

However, for a feasibility project of any nature we utilise the same methodology but this time in reverse order. With experience built up over many years of delivering strategic consultancy projects – we know only too well that the best solution may only materialise at the very end of an assignment. At the outset of a project we always seek to ensure that no single outcome is ruled out simply as a result of it not being ‘tried and tested’ or ‘fashionable’.

We fully subscribe to the art of the possible and have the experience and confidence to ask searching questions that others might shy away from. Of course in the harsh environment of the current market, all creative thinking must still acknowledge the pragmatic constraints of any investor’s budget allowance and attitude to risk. Nonetheless, with the benefit of experience and awareness of a fast-paced economy and technological change, we know it always pays dividends to set the parameters of any feasibility study as wide as practically possible to ensure the best overall result.