Cushman & Wakefield has formed a joint venture with Investment Capital, a distressed situations consultancy headed by Jon Digby-Rogers.
Former property banker Digby-Rogers will work with Cushman in the area of corporate recovery and restructuring across Europe, Middle East and Africa.
He has been running a real estate corporate finance consultancy for a number of years and has worked at Saudi International Bank, where he was head of finance and a member of its work-out credit committee.
The arrangement between Investment Capital and Cushman is part of Cushman’s Resolution Group, through which Cushman offers real estate and financial advice to businesses and banks facing financial challenge and distress.
Bryan Laxton, CEO of Cushman in the UK, said: ‘The exclusive joint enterprise with Jon, who is a true specialist in his field with an impressive loan work-out track record from the 1980’s and 1990’s both here and abroad, gives us an edge in the market for corporate recovery services.
‘He adds another layer of specialism, experience and contacts to our established corporate recovery team of property investment and management professionals. That can only be beneficial for clients in potentially distressed situations and will ensure we are providing the “best in class” advice in the industry.’
Digby-Rogers said: ‘We are now in the most serious financial and banking crisis in living memory. The global implications are profound and dislocation in the international markets requires fundamental reassessment of how real estate assets have been financed.
'Lessons learned in previous market declines over the past thirty five years will be extremely valuable, but current conditions will also demand imaginative and innovative solutions. Working with the team at C&W will create a very powerful platform and will create the ideal opportunity to bring these solutions with greatest effect to both owners and financiers of real estate.’