Targeted review
DeliverableScreening memo
- Pass / fail screening with supporting rationale
- Weighted scoring and grade
- Value range and recommended offer level
- Red flags ranked by severity
Strategic real estate advisory • Asset management
Real estate becomes critical when clarity breaks down.
CONCRETE AM helps owners, family offices, institutional investors and private property companies make decisions on underperforming assets and complex strategic choices.
Services
Deliverables designed for decision-making.
Strategic assignment
DeliverableInvestment memorandum and financial model
- Sourced comparable analysis
- Three-scenario cash flow, IRR and multiple
- Quantified impact of identified risks
- Supported recommendation
- Prioritised action plan
Ongoing asset oversight
DeliverableAsset business plan and periodic reporting
- Tenancy schedule and vacancy trend
- Operating budget and capex monitoring
- Preparation and review of lease files, with the owner remaining the sole signatory
- Value trajectory and variance against business plan
- Decision points submitted to the owner
A structured review method
01 / 04
01
Review the operating fundamentals.
Tenancy schedule, recoverable and non-recoverable service charges, committed capex and actual occupancy. The first task is to measure the gap between the original business plan and observed performance.
02
Identify the determining factor.
Underperformance rarely has several independent causes. It has one primary cause and a series of consequences. Vacancy, technical obsolescence, lease structure or operations: the risk is misdiagnosis.
03
Three quantified scenarios.
Hold, reposition or exit. Each scenario is documented through capex, timetable, expected return and exit conditions. Decisions rest on numbers, not opinion.
04
Performance is assessed over time.
A turnaround is not demonstrated at delivery but over successive reporting periods: value trajectory, occupancy resilience and performance through the cycle. Each assignment defines its indicators at the outset — occupancy, net income, independent valuation and variance against business plan — and tracks them through completion. Results are not announced. They are measured.
One file · several readings
What the file claims.
What the evidence shows.
Four controls drawn from work actually performed, reduced to their common analytical principle. Assets, clients and identifying data remain confidential.
Finding
In an operating review, reported income did not withstand reconciliation with the space actually occupied.
Control
Rebuild income line by line, then account for vacancy, incentives and service charges borne by the owner.
Anonymised summary of checks performed. No client result or identifiable case data is published.
Asset types
One decision framework.
Different real estate realities.
Retail
Shops, shopping centres and predominantly retail properties
Offices
Single- or multi-let buildings, occupied or vacant
Mixed-use assets
Properties combining several uses and operating timelines
Managed residential & hospitality
Operating residences, hospitality assets and service-led properties
Portfolios
Multi-asset reviews and decision prioritisation
Engagement framework
The basis of
every assignment.
Confidentiality
Each engagement defines how entrusted information and documents are handled.
Quantified, sourced analysis
Assumptions are explicit, sources identified and variances documented.
Single senior contact
The same adviser leads scoping, analysis and final recommendations.
Declared scope
Each engagement letter sets out the services, deliverables and responsibilities precisely.
CONCRETE AM
Every position around the asset.
Public land development, occupier, contractor, developer, concession operator, listed property company and asset manager — fifteen years spent across the roles that shape a building.
This path is not a collection of titles. It is a method of analysis: understanding what each stakeholder needs, what they can concede and where the actual constraint lies.
CONCRETE AM is deliberately small. The same senior adviser leads each assignment from initial scoping to final delivery.
Assignments for family offices, institutional investors, private property companies and owner-operators.
Specialised Master’s degree, ESTP — Client-side project management and real estate management
Master’s degree in Construction and Planning Law — Paris Panthéon-Sorbonne
Experience behind the method
Fifteen years across the real estate value chain.
Urban development, construction, property development, listed real estate and asset management: experience from the positions that determine an asset’s performance.
View full experience on LinkedIn ↗AFTRP, now Grand Paris Aménagement
Oct. 2010 — Feb. 2012
Decathlon
Feb. — Jul. 2012
Rabot Dutilleul
Dec. 2013 — Jul. 2014
Eiffage
Aug. 2014 — Sep. 2017
Icade
Sep. 2017 — Oct. 2018
EM2C
Oct. 2018 — May 2019
L’Avenue
May 2019 — Jul. 2022
SGM
May 2020 — Dec. 2025 · held concurrently with L’Avenue until 2022
CONCRETE AM
Since 2026
Strategic real estate advisory • Asset management
Perspective is built.
It starts with your asset.