Real EstateBEYOND COVID-19Weekly PwC Expert Session via WebCast10. Juni 2020, 10:00-11:00Real Estate Market DACH & ItalyEconomic stimulus package - Special• Real Estate scenarios - today:• Austria• Switzerland• Italy• Tax implications• Legal and other implications Registration via LINK: https://www.pwc-events.com/Covid-19-Impact-Real-Estate Questions to the PwC experts via e-mail to: de_covid19_pwc_real_estate@pwc.com Updates and further information on https://blogs.pwc.de/real-estate/ © 2020 PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. Alle Rechte vorbehalten. "PwC" bezeichnet in diesem Dokument die PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, die eine Mitgliedsgesellschaft der PricewaterhouseCoopers International Limited (PwCIL) ist. Jede der Mitgliedsgesellschaften der PwCIL ist eine rechtlich selbstständige Gesellschaft.
Susanne Eickermann-Riepe Partner, PwC Real Estate Leader Germany susanne.eickermann-riepe@pwc.com Marie Seiler MRICS, CFA Partner, Real Estate Advisory, PwC Schweiz marie.seiler@ch.pwc.com Matthias Eicher Partner, PwC Real Estate, Austria m.eicher@pwc.com Christopher Haug Manager, PwC Real Estate, Italy christopher.haug@pwc.com Robert Clemens Prätzler Partner, PwC Tax & Legal, Germany robert.clemens.pratzler@pwc.com Moritz Gröning Local Partner, PwC Real Estate Legal, Germany moritz.groening@pwc.comPwC Real Estate | WebCast COVID-19 10 June 2020PwC 2
Real EstateBEYOND COVID-19 Repair. Rethink. Reconfigure.• It is time to think about the future!• Repair – Crisis-induced losses will have to be dealt with R³ and will also leave their mark in the second half of the year. The underlying conditions are clear: the real economy will only slowly regain a foothold. The real estate sector will suffer in part.• Rethink – Individual asset classes will have to redefine their resilience. Some business models will Repair. Rethink. Reconfigure. have to be adapted. The stability of portfolios will have to be reviewed, not only because of the pandemic, but also because of new ESG requirements. Investment and country allocations will have to be reconsidered. Susanne Eickermann-Riepe• Reconfigure – Structures, platforms, organizations, Partner, PwC Real Estate Leader Germany processes, technology and systems as well as data susanne.eickermann-riepe@pwc.com management and digitization will change. A good reason to look ahead.PwC Real Estate | COVID-19 WebCast 10 June 2020PwC 3
The economic stimuluspackage - what is theoutcome for real estate? Economic injection & future package• Reduction of the value added tax: From 1 July to 31 December 2020, the VAT rate will be reduced from 19% to 16% and for the reduced rate from 7% to 5%.• Child bonus for families: Parents receive a one-off Economic stimulus and future payment of 300 euros per child. For single parents the package 130 billion euros allowances are doubled.• Strengthening of local authorities: The federal government is increasing its share of the cost of housing for the needy, is offsetting half of the municipalities' trade tax losses and is strengthening local public transport and the health sector.• Relief in electricity costs: The EEG levy is to be reduced from 2021 through subsidies from the federal budget.• Future package : Around 50 billion euros are flowing into future areas such as the hydrogen economy, quantum technologies and artificial intelligence.PwC Real Estate | WebCast COVID-19 10 June 2020PwC 4
See Also
European People parties successes_and_future_challenges - [PDF Document]On Demand 36th Annual Conference and Criminal Defense Seminar, 5.5 hrs, including 2 hrs of ethicsCivil Rights Act of 1964 - Definition, Summary & Significance | HISTORYReal estate industry profits! Thoughts. Expectations. Reality.• Boosting private consumption - city centres and retail properties can benefit• Bridging assistance - retail, hospitality, real estate owners• 25 billion for small and medium-sized companies in the form of operating grants (including fixed operating costs, rent payments)• Construction industry benefits from the Municipal Solidarity Pact 2020, as the willingness of the public sector to invest is strengthened• CO2 building refurbishment programme with an additional €1 billion for 2020 and 2021• Expansion of federal funding programmes for the energy-efficient renovation of municipal buildings• Promotion of "climate adaptation measures in social institutions• Investment plan for sports facilities, extensions, conversions and new buildings of day-care centres• Relief for the housing costs of Hartz IV recipients• Service charge settlements benefit from the agreed cost cap for the EEG levyPwC Real Estate | WebCast COVID-19 10 June 2020PwC 5
Swiss speciality -Legalremission of rents Restriction of contractual security Business tenants owe 40% of the rent during the lock-down. Landlord pays the remaining 60%. www.pwc.ch/immospektive Rent ceiling is CHF 20k p.m. https://www.pwc.ch/de/insights/immobilien/real-estate- If the rent is between CHF 15k and CHF 20k, tenant and landlord can do without this solution. investor-survey-maerz-2020.html Any rental agreements already made between tenants and landlords remain valid. Marie Seiler MRICS, CFA Partner, Real Estate Advisory, PwC Schweiz Federal Council provides for a hardship fund of marie.seiler@ch.pwc.com CHF 20 million for landlords.PwC Real Estate | WebCast COVID-19 10 June 2020PwC 6
Economy remains uncertain GDP (real) [%] State budget [% GDP) Balance of services [% GDP] Inflation [%] Unemploy ment rate [%] 15 12,2 10 8,8 9 Current state of the Swiss economy 5 3,7 3,4 3,6 • Since the beginning approx. 31,000 cases of infection and 0,9 1,5 2,3 0,4 0,1 1,660 deaths (as of 09.06.) - now only
Weak transaction volume for Transaction volume in Switzerland (status May 2020)commercial real estate [in Mio. CHF] 8.000 6.170 6.000 5.074 3.628 3.919 4.000 Current developments on the transaction market 2.000 1.128 • Transaction volume reduced since 2016 0 2016 2017 2018 2019 2020 (YTD) • The slow start in Q1-2020 was extended by COVID-19 Quelle: RCA until April 2020. In May, transaction volumes increased again. Cumulative transaction volume in Switzerland (YTD) • Many investors still reluctant to invest. They wait and [in Mio. CHF] see and observe the current developments. 2.000 1.736 • In 2020, approximately 60% was invested in sales 1.500 1.227 1.118 1.128 properties and approximately 20% in office 1.000 862 931 properties. 246 266 475 500 216 • In terms of volume, almost 90% was invested in 0 Zurich in 2020. Jan Feb Mär Apr Mai 2019 2020 Quelle: RCAPwC Real Estate | WebCast COVID-19 10 June 2020PwC 8
Declining demand for officespace - not only COVID-19 Net yields A-class office in top citiesimpact! Mar Oct Mar Oct Mär Exp. Developments on the office market 2018 2018 2019 2019 2020 Oct. 2020 • Even before Covid-19, office rents in Q1-2020 were Zürich 2.5% 2.4% 2.5% 2.4% 2.2% declining 1.2% on the previous quarter • All in all, Covid-19 led to a halt in the expansion of space. Instead, companies increasingly invested in IT Genf 2.5% 2.5% 2.5% 2.5% 2.3% and home office systems • Home office solutions are establishing themselves, Basel 3.0% 2.8% 2.8% 2.8% 2.6% shorter & more flexible rental contracts are in demand • Yields in top urban locations have fallen in Q1-2020 Bern 3.0% 2.9% 2.8% 2.7% 2.7% (before Covid-19). Currently more stable to slightly rising yields expected. In back-office locations, yields are expected to rise more markedly in the short term, not only by Covid-19.PwC Real Estate | WebCast COVID-19 10 June 2020PwC 9
Retail and hotels most affected - but also positive effects fromlocal focus! Retail space - High Street remains stable Hotel industry - anticipation of a lively summer• Existing structural difficulties further exacerbated by • Occupancy has fallen by 70% since March. Covid-19, but no shopping tourism and rising sales in May due to catch-up effect • ADR fell from CHF 250 before Covid-19 to CHF 150 in April • Stronger holiday hotel industry - businesses report high• Net yields for sales properties remained stable in Q1 booking rates for summer 2020. (before Covid-19) in urban locations. After Covid-19 we expect a noticeable increase. • A gradual recovery to 2019 levels is expected for the city hotel industry by the end of 2022.Net yields for high street sales properties: Exp. Mar 2018 Oct 2018 Mar 2019 Oct 2019 Mar 2020 Oct. 2020 Zürich 2.5% 2.4% 2.5% 2.4% 2.4% Genf 2.5% 2.4% 2.5% 2.5% 2.5% Basel 3.1% 2.9% 2.7% 2.8% 2.8% Bern 3.2% 3.0% 2.9% 2.9% 2.9%PwC Real Estate | WebCast COVID-19 10 June 2020PwC 10
EVER TESTED POSITIVE RECOVEREDCOVID-19 in Austria 16.879 15.839 MIETEINBUßEN (SHUTDOWN)Current situation MIETEINBUßEN (SHUTDOWN) EUR EUR200 200Mio. Mio.p.a. p.a. REPORTED DEATHS CURRENTLY DISEASED Perspectives – COVID-19 in Austria 672 457 TÄGLICHER UMSATZVERLUST (SHUTDOWN) TÄGLICHER UMSATZVERLUST (SHUTDOWN)• The COVID 19 pandemic has also completely reached Austria EUR 117 Mio. EUR 117 Mio. since mid-March 2020 EFFECTIVE REPRODUCTIVE RATE• The Austrian Federal Republic reacted quickly and decisively - socially and economically, measures were taken and adapted according to the situation Proportion of deaths among infected 0,86 PRIME YIELD PRIME YIELD• Abolition of exit restrictions as of 1 May, with a minimum persons Switzerland 3,30% Status: 08.06.2020 3,30% 6,21% Infected I Fatalities distance of one metre within public areas still in force or the use of a mouth/nose guard D 186.233 I 8.792 Germany S 30.972 I 1.923 4,72%• Reopening of retail and service businesses since 2 May - Gastronomy since 15 May - Hotels since 29 May - General Austria construction activities since 26 March 3,98%• Since Thursday 4 June, all checks on neighbouring countries on entry into Austria - with the exception of Italy - have been Matthias Eicher lifted Partner, PwC Valuation & Economics Financial Services und Real Estate m.eicher@pwc.comPwC Real Estate | WebCast COVID-19 10 June 2020PwC 11
COVID-19 Impact in Austria GDP LOSS DUE TO THE CORONA CRISIS IN AUSTRIA (VS.with significant economic PREVIOUS YEAR, 2020)consequences EUR -35,7 bn. CHANGE IN THE NUMBER OF UNEMPLOYED COVID-19 – Economic Impact IN AUSTRIA (COMPARED TO THE PREVIOUS YEAR'S MONTH, MAY 2020)• By the end of April alone, a total state Corona aid package of around EUR 40 bn in support of the economy (around 9.5% of GDP) was promised 69,7%• Projected increase in government debt from 70% to about 75% of CONSUMPTION RESTRAINT DUE TO THE GDP CORONA CRISIS IN AUSTRIA (YTD MAY 2020)• The OeNB expects real GDP to decline by 7.2% in 2020 and to catch up in 2021 and 2022 with growth of 4.9% and 2.7%, respectively 28%• HICP inflation will fall to 0.8% in 2020, remain at that level in 2021 and accelerate to 1.5% only in 2022• The unemployment rate according to the Eurostat definition will rise to 6.8% in 2020; in 2022 it will drop to 5.3%.• A new short-time working model is designed to keep as many employees as possible in employment - core system of 80-90% of net income comes from AMSPwC Real Estate | WebCast COVID-19 10 June 2020PwC 12
Retail and logistics market MIETEINBUßEN (SHUTDOWN) RENT LOSSES (SHUTDOWN) Covid-19 hits retail market hard (short & long term) EUR EUR200 200Mio. mio.p.a. p.a.• Complete closure of the stationary trade including gastronomy from 16 March with the exception of the food trade, pharmacies and petrol stations• Daily sales loss of approx. 46% or EUR 117 million - up to EUR 700 million per TÄGLICHER UMSATZVERLUST (SHUTDOWN) week DAILY LOSS OF TURNOVER (SHUTDOWN)• rent losses of around EUR 200 million p.m. from the shutdown EUR EUR117 117Mio. mio.• Protection against dismissal through pandemic law• Re-opening gradually from 14 April (shops up to 400m²), from 02 May (shops over 400m²), gastronomy from 15 May with restrictions PRIME YIELD• Insolvency applications are to be expected, especially for small tenants and PRIME YIELD• catering and entertainment businesses Concerns that the Covid-19 crisis will accelerate the pressure on stationary 3,30% 3,30% trade• Prime Yields 3.30% (limited database due to deferred transactions) Logistics market: demand remains strong• Demand still driven by booming online trade• Rental processes for logistics space are only marginally influenced by Covid-19• Decline in industrial production could slow down growth• Logistics sector is resilient and will recover faster than other commercial asset classesPwC Real Estate | WebCast COVID-19 10 June 2020PwC 13
Austrian hotel market RevPAR VIENNA RevPAR ROMsustainably affected -69% -86% RevPAR RevPAR WIEN Opening of the accommodation facilities since 29 ROM LOSSES OF OVERNIGHT STAYS May -69% -86% 2020• Complete closure of all hotels over the period from 03 April to 29 May, 24% - 31% NÄCHTIGUNGSEINBUßEN 2020• Hotels, hostels and serviced apartments recorded drastic declines in bookings and sales 24% - 31% TOURISMUS FROM DE• Vienna March 2020: RevPAR -69% (year-on-year change), driven by occupancy rate, price level stable ~50%• Record year 2019 with EUR 1.26 billion transaction volume in the TOURISMUS AUS DE hotel segment (approx. 80% in Vienna)• Record increase in the number of unemployed in this segment• collapse in demand expected in the short to medium term ~50%• Loss of overnight stays between 24% - 31% for 2020• Recovery through domestic and German tourism (2019: around 50%)• Long-term trend reversal possible for work-related travelPwC Real Estate | WebCast COVID-19 10 June 2020PwC 14
Office market only affected in Average rents Vacancy rate Q1 2019the long term - also applies toAustria €14,50 5,2% Durchschnittsmieten Leerstandsquote Q1 2019 Moderate impact on office investments Decline in letting• Current leases will be continued €14,50 5,2% performance by• Demand for space lower since mid-March due to uncertain economic prospects Rückgang der Vermietungsleistung um 60%• Based on the moderate level of rents, no significant falls in market rents are expected• The current spread of home office is a strong impulse 60% to work from home• Flexible office use concepts such as desk sharing increasingly attractivePwC Real Estate | WebCast COVID-19 10 June 2020PwC 15
Residential market notaffected The residential sector - the most resistant• Residential market is more crisis-resistant than commercial property markets More crisis-resistant• High number of housing market completions in 2020 as commercial property markets• concerns about future rent payments due to continuing problems in the labour market• Delay due to current curfew - Rules for handing over, renting and selling apartmentsPwC Real Estate | WebCast COVID-19 10 June 2020PwC 16
Italy - first affected! Real GDP growth Inflation [%] Unemployment rate [%] Current account Budget deficit [%] [% of GDP] [% of GDP] 14% 11.8 10.7 Current situation of Covid-19 in Italy 10.0 10% 6.5 • Italian GDP is forecasted to drop by -9.5%, compared to a 6% drop of -6.5% in Germany and -7.7% overall in the Euro Area 3.0 3.4 3.3 (19 member states). 2% 0.3 0.6 0.7 • Extended coverage and relaxed eligibility criteria for wage -2% -0.3 -1.6 supplementation schemes (Cassa integrazione guadagni) should support labor incomes and reduce the risk of -6% -5.6 dismissals and unemployment. -10% -9.5 • Lockdown measures decreased private consumption, but -11.1 consumer spending is forecast to bounce back in the second -14% 2019 2020 2021 Source: European Commission forecast half of 2020 – due to income support measures and low inflation. • Decree of 16 May started easing lockdown measures for economical stimulation. Re-opening of offices, factories, construction sites, restaurants and bars, high street retail shops, shopping centers, entertainment, parks, etc. Christopher Haug Manager, PwC Real Estate, Italy • However, there are additional costs necessary to clean and christopher.haug@pwc.com adapt commercial spaces (owners and tenants) which could increase prices for consumers: direct costs (cleaning) and indirect (loss of usable space in offices, restaurants).PwC Real Estate | WebCast COVID-19 10 June 2020PwC 17
Limited impact of Covid-19can be observed within theItalian RE Market so far Current situation on transactions Volume of transactions on the Italian commercial property market per quarter 6.0 [in bn EUR] • First quarter of 2020 was +7% higher than the same 5.0 4.9 period of 2019 – not yet really impacted by Covid-19 4.0 3.5 3.5 • Investment market in 1Q 2020 was driven by retail, and office sectors: 3.0 2.2 2.2 1.8 − Retail: Supermarkets (deal Esselunga and 2.0 1.5 1.7 1.7 Unicredit – €435 mln), and high street retail 1.0 − Office: 70% Milan city center (core and value - add) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2019 2019 2019 2020 • In 2Q 2020 investors mainly adopted “wait and see” approach with multiple deals put on hold. Industrial/ • Some operations closed which were already in Office Retail Prime logistics advanced negotiations (Vittoria Assicurazioni and York Yields 3.30% 3.10% 5.25% Capital for over €500 mn. - office asset class; InvestiRE (Milan) and Reale Immobili for over €200 mn. - residential).PwC Real Estate | WebCast COVID-19 10 June 2020PwC 18
Smart working is currently the norm in the beyond Covid-19situation right now Market observationsOffice Hotel• Impact of the measures aimed at containing Covid-19 • After a record 2019, with € 3.3 billion investments, and a has caused a progressive postponement of the very promising start to the year, the tourism sector has transactions in progress. had a significant impact, first with the postponement and cancellation of numerous events, then with travel bans• Rents are expected to remain stable in the short term. and movements.• Slow opening of offices due to the need to make safety • In March 2020, loss in terms of RevPAR of around 93%, updates and that not all employees can re-enter at the compared to the previous year from a freefall in same time. Smart working continues to be the norm for occupancy as ADR, however, remained stable. companies that have the technological capabilities. • As lockdown measures ease, domestic tourism (car• Potential Threat: So far no objective data to confirm the based) is expected to grow faster, while international impact of smart working on office space demand in the demand will have a slower recovery, certainly dictated short term, but demand shifts could be expected as by the evolution of the emergency situation in the rest of companies become comfortable working remotely. the world.PwC Real Estate | WebCast COVID-19 10 June 2020PwC 19
Rise in e-commerce affecting brick and mortar – no impactson logistic so far! Market observations Retail E-commerce retail and industrial/logistics• Certainly among the sectors most affected by the lockdown with relationship the exception of supermarkets, pharmacies and shops selling essential products. Non-essential retail stores were closed (e.g. • Current situation has given a strong push to the use of online clothing). shopping, strongly linked to primary needs, increasing the structural penetration of e-commerce. Retailers will increasingly• Renegotiation of rents and the probability that variable rent have to integrate their online and offline platforms into an payments will be eliminated for retail due to lockdown measures. omni-channel in order to respond to consumer needs once the emergency phase is over. • This will be an important accelerator for the processes ofIndustrial/logistics spreading e-commerce in the medium-long term, leading to a change in consumption habits, in particular in sectors currently• Currently, no change has yet been highlighted regarding the minorly involved in e-commerce, such as food, which had already demand for logistics spaces, which is confirmed as strong and is shown significant growth in online sales during the first days of the supplemented by the demand for structures by the crisis. pharmaceutical sectors and large-scale retail trade (supermarkets).PwC Real Estate | WebCast COVID-19 10 June 2020PwC 20
Residential transaction volumepossibly decrease by 25% Observations for Residential & Nursing homes• For residential use, market conditions are expected to deteriorate in the short term and could be sharper than during the 2012 crisis; residential transactions could possibly decrease by 20-25% compared to last year.• Over a longer time horizon, cyclical conditions will depend on the impact of the pandemic on household incomes.• Elderly population is growing due to the age composition and the improvement of living standards that lead to a higher life expectancy.• Elderly market is resilient and predictable, even during financial crisis periods.• Demand for this asset class expected to remain strong even during the crisis.PwC Real Estate | WebCast COVID-19 10 June 2020PwC 21
Temporary reduction of VATrates from 1 July to 31December 2020 Overview of the measures from a tax perspective• General rate of value added tax falls from 19% to 16%• Reduced changes in value-added tax from 7% to 5%• draft bill presented• BMF letter in preparation for transitional and implementing measures - draft expected shortly• Many open questions• Very ambitious timetable Robert Clemens Prätzler Partner, PwC Tax & Legal, Germany robert.clemens.pratzler@pwc.comPwC Real Estate | WebCast COVID-19 10 June 2020PwC 22
Changes affect manyoperational details -attention effort! Effects• Change of ERP systems and invoice templates to account for new VAT rates (twice!)• Ensure the correct application of the VAT rate: − The time of performance is decisive (rent payment = monthly partial performance) − Service charge settlements (partial service 16% or 19% depending on the month?) − Construction services = partial services or not?• Check contracts and price lists• Incorrect value added tax in invoices, contracts, permanent rental invoices: VAT obligation for the exhibitor, no deduction for the recipient!• Possible cost savings with non-deductible value added tax (e.g. housing, partially exempt tenants)PwC Real Estate | WebCast COVID-19 10 June 2020PwC 23
Economic stimulus package -Legal innovations in“Marshall Plan 2.0” Rethink.Reconfigure. – legal implications• Pre-insolvency restructuring proceedings – Implementation EU Directive 2019/1023 required anyway – Distinction from the protective shielding method – Moratorium - Creditor protection as a challenge• Public procurement law - use of scope for design – Shortening of award deadlines - leeway questionable − Adaptation of "threshold values" for flexible procedures - especially in the area of VOB/A - Take up CoPa 2009 II?• "Covert" legal issues – Charging point infrastructure: Moritz Gröning • Publicly accessible charging infrastructure - need for Local Partner, PwC Real Estate Legal, Germany coordination for operators; antitrust, public procurement moritz.groening@pwc.com and road law • Uniform payment system – Allocation of financial income from wind powerPwC Real Estate | WebCast COVID-19 10 June 2020PwC 24
Economic stimulus package -from "Bazooka" to “MarshallPlan 2.0” Thoughts.Expectations.Reality.• Operating grants €25 billion for SMEs − Operating grants: including fixed BK, rent payments − valid for 06-08/2020 − Corona-related decline in sales compared to the same months of the previous year (04-05/2020 by 60%; 06-08/2020 by 50%) − Refund depending on decline in sales - max. T€ 150 for 3 months, T€ 9 for ≤ 5 employees, T€ 15 for ≤ 10 employees − Examination/confirmation by StB/WP − ATTENTION: Application by the end of 08/2020• Further measures: − Support measures, etc. • Kindergarten and day-care centre construction; municipal infrastructure • € 500 million in GRW funding • Increase of CO2 building refurbishment programme − Increase does not solve bottlenecks of the administration (positions)PwC Real Estate | WebCast COVID-19 10 June 2020PwC 25
Your questions to the PwCexperts Susanne Eickermann-Riepe Partner, PwC Real Estate Leader Germany susanne.eickermann-riepe@pwc.com Marie Seiler MRICS, CFA Scenarios Real Estate Partner, Real Estate Advisory, PwC Schweiz marie.seiler@ch.pwc.com RE Market Switzerland Matthias Eicher Partner, PwC Real Estate, Austria m.eicher@pwc.com RE Market Austria Christopher Haug . Manager, PwC Real Estate, Italy christopher.haug@pwc.com RE market Italy Robert Clemens Prätzler Partner, PwC Tax & Legal, Germany robert.clemens.pratzler@pwc.com Recovery package - fiscal dimension Moritz Gröning Local Partner, PwC Real Estate Legal, Germany Recovery package - legal dimension moritz.groening@pwc.comPwC Real Estate | WebCast COVID-19 10 June 2020PwC 26
PwC information on COVID-19 and its impact on the realestate industry can be found here: Current information about Real Estate and also PwC Plus - All the information about real assets COVID-19 with push message function https://blogs.pwc.de/real-estate/ https://pwcplus.de/ Central email address for questions to PwC experts Weekly expert session via WebCast on current on de_covid19_pwc_real_estate@pwc.com topics always Wednesday 10:00 to 11:00PwC Real Estate | WebCast COVID-19 May 20, 2020PwC 27
PwC COVID-19 ServicesOperations Liquidity/Financing• Management of the tenant and service • Monitoring the liquidity status portfolio • Review of the loan portfolio• Support in daily business • Support review grants and loan options• Crisis Management • Dealing with tax deferralsScenario Analysis Strategic Impact PwC E-Mail• Development of scenarios for dealing • Expansion of IT systems & digitization COVID-19 Expert Contact: with the COVID-19 crisis • Further development of the value chain,• Changes in the business model to business model & assets de_covid19_pwc_real_estate@pwc.com ensure sustainable cash flows • ESG implementation • Experienced, interdisciplinary team (Legal, Tax, Operations, Financials) PwC COVID-19 • Pragmatic and efficient project approach Real Estate Taskforce • Possibility of short-term support and 'Ready-to-Go' support with a proven IT communication platformPwC Real Estate | WebCast COVID-19 May 20, 2020PwC 28
Real EstateBEYOND COVID-19Weekly PwC Expert Sessionvia WebCast17th June 2020 from 10:00-11:00 am R³ Repair. Rethink. Reconfigure. Registration via Link or via E-Mail: https:/www.pwc-events.com/Covid-19-Impact-Real-Estate
pwc.de© 2020 PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.Alle Rechte vorbehalten. "PwC" bezeichnet in diesem Dokument die PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, die eine Mitgliedsgesellschaftder PricewaterhouseCoopers International Limited (PwCIL) ist. Jede der Mitgliedsgesellschaften der PwCIL ist eine rechtlich selbstständige Gesellschaft.
