Not a theory. A method applied across two decades of special situations.
It started in 2009.
My team and I led the analysis of Orco Property Group, a listed CEE property group reporting a EUR 2.4bn portfolio across 229 assets in eight countries.
Rebuilding its structure from the company's own documents, the debt, the bond terms and the minority interests included, we surfaced a 43% gap between the net asset value it reported and the value we rebuilt from those same documents.
EUR 2.4bn
Portfolio GAV, DTZ, 31/12/2007
229
Assets, eight countries
43%
NAV delta
EUR 202m
Absolute delta
NAV EUR 466.7m, built off the 31 December 2008 GAV of EUR 2.2bn. Published NAVPS EUR 42.64.
229 assets restated line by line off the DTZ 31 December 2007 base of EUR 2.4bn, giving EUR 1.75bn. Bonds marked at 50% of par, minorities at 35%, EUR 57m of intangibles removed, bank debt left at face. NAV EUR 264.7m. NAVPS EUR 24.2.
None of the judgement was possible until the structure had been rebuilt. The reconstruction was ahead of the company's own published numbers, built entirely from documents the company had itself released. It took a team months of work. ReActive turns that discipline into a system.
Sources: Project Stone, BRIF / Eurohypo, 23 April 2009, analysis begun Q3 2008. Orco Property Group reporting FY2007 to FY2008. DTZ portfolio valuation as at 31 December 2007.
And it did not stop there.
The same reading, applied for two decades to special situations where the documents were the only reliable ground.
Non-performing loan portfolios
Acquisition and restructuring, rebuilt from the underlying loan and security documents.
Commercial real estate restructurings
Portfolios restructured from the property, lease and financing record.
Loan-to-own capital stack arbitrage
Entry through the debt, with the path to ownership read from the capital structure and its covenants.
OpCo / PropCo separation and sale-leaseback structuring
Operating and property entities separated, and the sale and leaseback between them structured.
Cross-collateralized defeasance situations
Collateral shared across loans untangled before any asset could be released.
Every one of them came down to the same work: rebuilding what the documents actually support, before deciding anything. It took teams and months each time. ReActive is that discipline turned into a system.
Founder
Laurent Nagy Revesz
Twenty-five years in institutional real estate and finance across CEE: fund management, special situations, restructuring. Founder and CEO of BRIF, a Luxembourg-regulated CEE real estate fund with EUR 27m in equity from Citigroup, Laxey Partners, Tudor and Griffin, reaching c. EUR 100m AUM by 2010.
Background: first career in IT at Nortel Networks and American Management Systems, then project manager at software editor Reef in Paris, running a team of engineers behind Internetware, its main product.
EUR 4bn+
Assets across restructured portfolios
EUR 200m+
Equity raised
EUR 2bn+
Funds and assets managed
25 years
Institutional real estate and finance
The method exists. The moment is now.
- 01
The method
Structural reconstruction with a clause-level evidence chain, deterministic downstream of extraction. Built and open to inspect, not a concept.
- 02
The moment
A refinancing wall against portfolios financed at sub-3% rates, capital rotating into real estate credit, and document intelligence finally able to reconstruct structure rather than only summarise it.
- 03
The founder
The method has been applied across two decades of special situations, always from the companies' own documents. ReActive is that discipline turned into a system by the person who ran it.
Get in touch.
For a conversation, or to see the demo walked through together.