COVID-19 IMPACT ON REAL ESTATE - WEEKLY PWC EXPERT SESSION VIA WEBCAST 29. APRIL 2020, 10:00-11:00 AM - PWC BLOGS
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
COVID-19
Impact on Real Estate
Weekly PwC Expert Session via WebCast
29. April 2020, 10:00-11:00 am
Themen:
• Scenarios Real Estate
• Banking & Capital Markets
• Valuation Update
• Legal Update
• Tax Update
• People & Organisation Update
• Q&A Session & Closing
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 informationen 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
Sven Hauke
Partner, Leader Banking & Capital Markets Germany
sven.hauke@pwc.com
Dirk Hennig
Partner, PwC Real Assets, Germany
dirk.hennig@pwc.com
Moritz Gröning
Local Partner, PwC Real Estate Legal, Germany
moritz.groening@pwc.com
Sven Behrends
Partner, PwC Real Assets, Germany
sven.behrends@pwc.com
Carmen Meola
Senior Manager, PwC Legal, Germany
carmen.meola@pwc.com
PwC Real Estate | COVID-19 WebCast April 2020
PwC 2
Scenarios Real Estate -
Capital. Costs. Climate.
Resilience & crisis management
• Resilience is the new magic word, actually used in psychology, it
now stands for resistance or the ability to survive difficult
situations without lasting impairment. Therefore the resilience
is tested in terms of:
– Business models
– Asset classes
– Financing operations
– Market participants
– Reviews
– etc.
• The resilience test is tough. The IFO-Institute expects the
German economy to collapse by -6%.
• Even if production is slowly being restarted, delayed or
Susanne
Sven HaukeEickermann-Riepe
interrupted supply chains and the necessary protective
Partner, Leader
PwC Real
Banking
Estate&Leader
CapitalGermany
Markets Germany
measures continue to cause losses.
sven.hauke@pwc.com
susanne.eickermann-riepe@pwc.com
• Resilience and crisis management must complement each other.
PwC Real Estate | COVID-19 WebCast April 2020
PwC 3
Further information:
https://www.pwc.de/de/covid-19-gemeinsam-durch-die-krise-navigieren/pwc-covid-19-cfo-pulse-dashboard.html
PwC Real Estate | COVID-19 WebCast April 2020
PwC 4
Scenarios Real Estate -
Capital. Costs. Climate.
Ratings of asset managers affected by crisis
• In its latest rating, Moody's has changed the outlook for global
asset managers from stable to negative
• Corona-related market distortions burden the income and
cash flows of asset managers
• Economic uncertainty limits net inflows
• Significant decline in assets under management, resulting in
reduced performance fee income
• Adjustments to cost structure expected in order to conserve
liquidity
• Slowdown in economic growth and investors' reluctance to
invest in higher risk products with higher fees
• Real estate asset managers/asset managers can also be
affected if transactions and associated fees fail to materialize -
scenarios Market participants
PwC Real Estate | COVID-19 WebCast April 2020
PwC 5
Scenarios Real Estate - Capital. Costs. Climate. Cost pressure can reproduce itself • The resilience of financial institutions is being tested. Emerging and border markets may face difficult conditions for external financing, rising risks and increased debt restructuring • But banks have more capital and liquidity than before the financial crisis, have passed stress tests and are supported by the provision of central bank liquidity - more on this in Deep Dive Banking & Capital Markets • Risk analyses will not stop at real estate loans and conditions may rise • The assessment of the COVID-19 impact on real estate asset classes and their valuation is still cautious - more on this in Deep Dive Valuation • Economic pressure from companies is increasing - necessity of cost savings also affects personnel - more on this in Deep Dive People & Organisation PwC Real Estate | COVID-19 WebCast April 2020 PwC 6
Scenarios Real Estate - TEG (Technical Expert Group of the EU Action Plan on
Sustainable Finance) recommends the calibration of recovery
Capital. Costs. Climate. responses for recovery plans should not support environmentally
or socially damaging activities
The hunt for the new "green" Action
• The environment and other aspects of sustainability are
becoming increasingly important for investment managers and
their clients and affect all facets of value creation: product
design, portfolio structuring, risk management, collaboration with
partners.
• As recently as 2016, only 10% of AWM's CEOs described
themselves as "extremely concerned" that climate change
could threaten their company's growth (PwC CEO Survey). The ESG
proportion rose to 25% in 2020 and 62% of AWM CEOs
expressed some concern about the climate (PwC CEO Survey
2020). They were similarly concerned about income inequality
and social instability.
• In the current coronavirus pandemic, a PwC survey of CFOs
Climate
(6th April 2020) shows that 73% of respondents believed that the Change Pandemic
outbreak of the virus could have a significant impact on their
business.
Act early - avoid change by disaster
• Pandemics and climate change - as different as both threats Use scope for action
may appear at first glance - have the same origin: difficulties in Drive (environmentally) harmful behaviour out of the
dealing with biodiversity and the atmosphere. market
PwC Real Estate | COVID-19 WebCast
Distributing rising costs fairly April 2020
PwC 7
The financial sector as the
key to stabilising the real
economy
Liquidity assurance measures by central banks
• € 750 billion additional purchase programs (7.3% of
eurozone GDP) and refinancing facilities for € 3.5 trillion for
up to -0.75%.
Regulatory impact and facilitation
• Easing of capital requirements with significant reductions in
capital requirements.
• For the 10 biggest banks in Germany, the adjustment of the
capital maintenance buffers means a relief in terms of equity
(CET 1) of approximately € 41.1 billion.
Sven Hauke
Risk provisioning according to IFRS 9 Partner, Leader Banking & Capital Markets Germany
sven.hauke@pwc.com
• Various pronouncements aimed at a balanced calculation of
risk provisions in accordance with IFRS 9.
PwC Real Estate | COVID-19 WebCast April 2020
PwC 8
Overview of the reactions of the supervisory authorities -
Impact of the Corona crisis on the reg. requirements
Supervisory authorities Overview of the reactions of the
supervisory authorities
G20
• HQLA holdings should be used to cover liquidity
Guidelines &
Standards
Financial Stability Board (FSB) needs
Basel Committee on Banking Supervision (BCBS) • Postponement of all outstanding case law
evaluations planned in 2020 under the
Global level
Regulatory Consistency Assessment Program
(RCAP).
• Banks can make full use of capital and liquidity
European System of Financial Supervision (ESFS) buffers, including Pillar 2.
• Banks benefit from facilitations in the composition
Regulation
of capital for the Pillar 2 (P2R) requirements.
• The ECB should consider operational flexibility
European level when implementing bank-specific supervisory
measures. Postponement stress test
Supervisory
• Deferral of the measures introduced by ECB
authorities
National authorities supervision and implementation at national level
for less important institutions
less important
institutions important institutes
National level
PwC Real Estate | COVID-19 WebCast April 2020
PwC 9
Liquidity protection measures - ECB extends existing asset
purchase programs
ECB monetary policy instruments to provide central bank liquidity
Purchase programs Open market operations Standing facilities Minimum reserve
Pandemic Emergency Purchase Reduction of the qualitative requirements
Programs (PEPP)
Temporary purchase program in the crisis Corporate Sector Purchase-Programs (CSPP) Additional Credit Claims (ACC)
• For private and public sector securities total framework € 750 billion
• Purchases until the end of the crisis, at least until the end of 2020
• Includes all asset categories of the previous Asset Purchase Programs (APP)
• Public sector purchases in accordance with the countries' capital key at the ECB
• Flexible purchases
• Restrictions on the purchase of Greek public issues are abolished for PEPP
PwC Real Estate | COVID-19 WebCast April 2020
PwC 10Liquidity assurance measures - Significant increase of liquidity
in the interbank market and additional refinancing of
receivables
Program Status Volume (million €) Liquidity from Relevance
New
Pandemic Emergency Comprehensi Increase of all purchase
Purchase Programs (PEPP) 4.000.000 programs Comprehensive
ve
3.500.000
Corporate Sector EU Corporate Bonds and
Existing
Purchase Programs Commercial Paper, also Treasury Portfolio
Extended 3.000.000
(CSPP) private placements
PEPP
2.500.000
APP Government / Country
Public Sector Purchase Existing Bonds, EU Treasury Portoflio
Programs (PSPP) Extended 2.000.000 ABSPP
Supranationals, Agencies
CBPP3
1.500.000
CSPP
ABS Purchase Programs Existing 1.000.000 PSPP Securitisations of high Credit, credit card and
(ABSPP) Extended quality and transparency leasing portfolios
500.000
Covered bonds of lower
Covered Bonds Purchase Existing 0 Credit and investment
2015 - Feb Mrz 2020 - Dez quality, including private
Programs No. 3 (CBPP3) Extended portfolio
2020 2020 placements
PwC Real Estate | COVID-19 WebCast
Relevant for real estate financing banks April 2020
PwC 11Liquidity protection measures - At a glance: key criteria of the
individual programs
Relevant for real estate financing banks
CSPP PSPP ABSPP CBPP3
(Business Sector Acquisition (Purchase Programs for Covered
(Public sector purchase programs) (ABS purchase program)
Programs) Securities)
• Direct (outright) purchases • Bonds from • Diversified pool of granular, • Euro-denominated covered bonds
• Euro-denominated bonds − Central governments (currently performing assets • Purchases in the primary and
• Investment grade about 90%) • Origination according to sound secondary market, private
− Supranational institutions, regional lending guidelines placements
• Issues by non-banks
governments and certain • Resilient and enforceable • Eligibility for ECB open market
• Place of incorporation of the issuer in transaction structure operations
institutions (currently about 10%)
the euro area
• Ensuring national proportional • Originator in good financial health • Issues by banks in the euro area
• Implementation by six central banks,
representation • Possible interest rate risks are • Custody and settlement in the euro
including the Bundesbank
• Purchase at negative returns hedged area
• Private placements possible
generally possible • Documentation of the transaction • Cover pool from private and public
is insolvency-proof sector
• Structure has a high degree of • ECB Credit Quality Step 3 - to BB
transparency
ECB hotline for clarification purchasing ability: eligible-assets.hotline@ecb.europa.eu
PwC Real Estate | COVID-19 WebCast April 2020
PwC 12Regulatory impact - COVID-19
will place a heavy burden on
institutions' capital ratios
Challenges for banks Adaptation of regulatory capital requirements
• Increased need for analysis with regard to medium and long-term Pillar 2 Recommendation (P2G) Corona buffer 1 - Pillar 2
debt service capacity
• Rating migrations lead to significantly increased regulatory The ECB temporarily allows banks to operate below
systemic risk the capital level defined in the Pillar 2 guidelines
capital charges G-SII O-SII
max.
; ; buffer max. (P2G).
1% - 3,5% Max. 2% 1% - 5%
• Rating migrations in certain sub-portfolios (e.g. hotel, retail,
office property in the development phase) can lead to significant
Corona buffer 2 - anticyclical capital buffer
charges on risk-weighted assets and thus to adjustments in the
min.8%
banks' strategic considerations Countercyclical capital buffer 0% - 2.5%
Further facilitation is provided by the reduction of the
various buffers by the national macroprudential
• Safety values and rating downgrades of guarantors can Capital conservation buffer (2.5%) authorities.
influence the RWA Pillar 2 requirements (P2R)
• Restructurings lead to a loan loss if the change in present T 2 (2,0%)
Corona buffer 3 - capital maintenance
value is > 1 % buffer
AT 1 (1,5%)
• Review of valuations (ad hoc or on a standard cycle) Banks are allowed to operate below the capital level
defined by the capital maintenance buffer.
• New regulatory standards such as Basel IV will further increase CET 1 min. 4,5%
the RWA for certain real estate financing
PwC Real Estate | COVID-19 WebCast April 2020
PwC 13Risk provisioning in accordance with IFRS 9 in bank accounting
- publications by supervisory authorities and standard setters
General • The principle orientation of IFRS 9 offers • IDW BFA supports the views of • No amendment, suspension or • Call to use the full flexibility of the
sufficient flexibility for an appropriate ESMA adjustment of IFRS 9 regulations
representation of the situation • proper exercise of discretionary • Invitation to take account of published
• Monitoring of discretionary decisions powers guidance from supervisors
• Focus on changes in default risk over • no undifferentiated, automatic step • no mechanistic step transfer process; • Consider the full maturity of the
level the entire expected life transfer judgement required financial instrument, the expected
determination • Consideration of State measures • Adjustment Procedure required when path of the shock and the long-term
(SICR) • Examination of the refutability of a changed circumstances prevail creditworthiness of the debtor
significant increase in credit risk in • Focus on expected lifetime view
the event of late payment >30 days..
ECL • increased emphasis on long-term • Question macroeconomic scenarios • Consideration of all reasonable and • Demand for a stronger through-the-
Determination stable scenarios; no overweighting of and their weighting and adjust them if supportable information cycle perspective Risk provisioning
short-term developments necessary (also for SICR). • question macroeconomic scenarios calculation
• Check Management Adjustments and their weighting and adjust them if
Requirement necessary
• Check PMA requirement
Default • When granting a concession, assess • Moratoria do not automatically lead to
definition/forbea whether there is a significant increase a classification as forborne or defaulted
in credit risk or only a temporary and not necessarily to a step transfer
rance/level 3
liquidity shortage.
PwC Real Estate | COVID-19 WebCast April 2020
PwC 14Risk provisioning in accordance with IFRS 9 -COVID-19 has a
significant impact on accounting
Risk provisioning Classification
• COVID-19 not included in ECL model due to lack of experience - • COVID-19 clauses in new loan agreements (SPPI
post model adjustments necessary as expected analysis)
• Determination which future-oriented information regarding the • Business model:
effects of COVID-19 and government support measures is − no change due to a change of intent regarding certain
"reasonable & supportable” financial instruments or the disappearance of a market
• Level assignment (transfer to level 2 or 3) − Sales from hold portfolios
• Definition of macroeconomic scenarios and weighting − Impact Syndication pipeline
• Effectiveness of state support measures
Modifications/non-performing exposure Fair Value-Valuation/Hedge Accounting
• Contract modifications: Modification vs. retirement • Fair value valuation
• (new) relevance POCI assets due to restructuring • Effects on fair value hedge accounting
• NPE modules 2 (FinRep 2.9) (e.g. dominance of credit risk)
PwC Real Estate | COVID-19 WebCast April 2020
PwC 15What are important elements to
consider in communication with
your bank?
Requirements of real estate financing
• Transparency is key – provide up-to-date
documents taking into account the expected
economic effects (impact on the rating and
refinancing options).
• If a short and medium-term refinancing is pending,
they try to openly discuss the current liquidity
protection measures together with the financing
bank.
• If applications for deferral or modification are
submitted, pay attention to the regulatory implications.
Sven Hauke
• Try to minimise uncertainties regarding the Partner, Leader Banking & Capital Markets Germany
completion of current financing projects. sven.hauke@pwc.com
PwC Real Estate | COVID-19 WebCast April 2020
PwC 16Valuation Update – Pricing and
value determination still
difficult
Current assessments
Crisis winners & losers:
• Hospitality and Leisure under pressure!
• Residential as big winner?
• Safe Harbor Germany?
Further analysis:
• Uncertainty in non-food retail remains high - what
does the new role look like?
• Healthcare, Office, Parking – Impact of behavioral Dirk Hennig
Thomas Veith
Partner,PwC
Partner, PwCReal
RealEstate
Assets, Germany
Deals Leader Germany
change not yet predictable - What impact on dirk.hennig@pwc.com
thomas.veith@pwc.com
demand for asset classes?
PwC Real Estate | COVID-19 WebCast April 2020
PwC 17First analyses of the impact of the COVID-19 crisis on the
valuation of asset classes
ILLUSTRATIVE
Real estate: Expected resilience of asset classes - national
High
Resilience • Social housing • Healthcare • High street shops
• Affordable housing • Industrial/warehouse • City center, shopping
centers
• Central city offices
• Private rented residential • Parking • Retail parks
• Data centers • Suburban offices • Shopping centres
• Student housing
• Retirement/assisted living • Serviced apartments • Hotels
Low • Logistics facilities • Business parks • Leisure
Resilience
Positive to neutral impact Slightly negative impact Very negative impact
of COVID-19 of COVID-19 of COVID-19
PwC Real Estate | COVID-19 WebCast April 2020
PwC 18First analyses of the impact of the crisis on the real estate
markets - a short-term comparison
ILLUSTRATIVE
S&P Property Index Germany/Europe and North America (comparison of the last 6 months)
Germany
Europe
North America
PwC Real Estate | COVID-19 WebCast April 2020
PwC 19First analyses of the impact of the crisis on the real estate
markets - long-term consequences?
ILLUSTRATIVE
S&P Property Index Germany/Europe and North America (comparison of the last 15 years)
Germany
North America
Europe
PwC Real Estate | COVID-19 WebCast April 2020
PwC 20The COVID-19 crisis has had a strong negative effect on
German commercial real estate companies
ILLUSTRATIVE
PwC Real Estate Index Germany Commercial/Residential (Long term view)
The PwC Real Estate Index for German
Residential
commercial real estate companies (-25.6%)
Commercial
fell twice as much as the index for residential
property companies (-12.6%) due to the
current COVID 19 crisis.
Further information on the current
PwC Real Estate Monitor:
https://www.pwc.de/en/real-estate/real-estate-monitor.html
PwC Real Estate | COVID-19 WebCast April 2020
PwC 21Update Legal –
6 weeks COVID-19 crisis
Laws, courts & rent covers
• Extensive legislative packages implemented at the end of
March
• Covid-19-Mitigation Act
• Social protection package / short-time work allowance
• Supplementary Budget / WSF-Law („Bazooka“)
• Parts in implementation or planning
• WSF-law – still subject to EU approval
• Legislation on the Law on Event Contract
• Closure regulations at federal state level
• Some harmonisation after initial solo efforts
• But: Inconsistent standards on opening
• Legislation on closure orders Moritz Gröning
Thomas Veith
• VG Hamburg f. 21./22.04.2020 – Sport Scheck Thomas
Partner, PwCVeith
Local Partner, PwC
Real Real Deals
Estate EstateLeader
Legal, Germany
Moritz
Partner, Gröning
PwC Real Estate Deals Leader Germany
• OVG Schleswig-Holstein f. 24.04.2020 - Outlet moritz.groening@pwc.com
thomas.veith@pwc.com
Director, PwC Legal
thomas.veith@pwc.com Corporate/M&A
• VGH Bayern f. 27.04.2020 – Department store moritz.groening@pwc.com
• Berlin rent covers - business as usual despite Corona?
PwC Real Estate | COVID-19 WebCast April 2020
PwC 22Update Tax –
further simplifications
Implementation in Germany
• Immediate measures of the Federal Government and the
federal states for the current year 2020 :
− Particularly deferral,
− adjustment of advance payments,
− Suspension of enforcement measures
− for taxable persons who can be shown to be directly and
significantly affected
Sven Behrends
NEW: Lump-sum reduction of advance payments
Partner, PwC Real Assets, Germany
from 2019 sven.behrends@pwc.com
PwC Real Estate | COVID-19 WebCast April 2020
PwC 23Tax law update
Lump-sum loss provision for the 2019 assessment period
BMF - Letter of 24 April 2020 "Corona emergency measure”
2019 2020 2021 Investment
Advance Losses from a.p. 2020 and
payment (profits) Covid19 loss carryback
a.p. 2019
Affected by Covid19
Example: Profit 100; lump-sum Application for a lump-sum loss Deferral of the potential
loss carryback 15, refund of carryback (15% of the profit from subsequent payment from the
the corresponding income tax VZ 2019) 2019 tax credit; adjustment in
in 2020 Entitlement to reimbursement for the 2020 tax assessment
payments made under 2019
PwC Real Estate | COVID-19 WebCast April 2020
PwC 24People & Organisation
Update
Labour law, social security law Update
• Government support measure - short-time work
allowance has started
• Possibilities of cost coverage
• Management of lawsuits/deadlines
• Activity in the home office established as a new
working mode in many companies
Next COVID-19 P&O Webcast, CarmenVeith
Meola
Thomas
7. Mai and 18. Mai 2020 Thomas
Senior
Partner, Veith
Manager,
PwC RealPwC Legal,
Estate DealsGermany
Leader Germany
Sven
Partner,Behrends
PwC Real Estate Deals Leader Germany
carmen.meola@pwc.com
thomas.veith@pwc.com
https://www.pwc-events.com/coronavirus Partner, PwC Real
thomas.veith@pwc.comAssets, Germany
sven.behrends@pwc.com
PwC Real Estate | COVID-19 WebCast April 2020
PwC 25Catalogue of measures for employers: support in case of
financial shortages and to make work more flexible
Immediately Short-term Medium-term Long-term
• Quarantine • overtime / holiday reduction • Short-time work • Staff reductions
• Home Office • Reduction of salary, bonuses • Partial closure of the company • Terminations
• Conversion of remuneration • Exemptions • Reconciliation of interests, • (Partial) business closure
Salary against vacation • Termination of employment social plan transfer company • Calculation of HR costs
Measures • Continued payment (in case of contract/temporary work • Dismissals for operational • Use Insolvency law
illness) • Indication work loss BA reasons • Insolvency money
• Child Sickness Benefit (SGB V) • Application for short-time work • Termination agreements • Liquidity review
• Sickness benefit (from 6. week) allowance • Partial retirement contracts • Tax deferral/deduction Advance
• Short-time work payments
• Reimbursement of continued • Transfer short-time work • Liquidity/financing audit
remuneration, allowance • Bridge finance/ KfW subsidies/
Grants • Compensation according to
• Short-time work allowance
• Unemployment benefit guarantees/ insolvency
InfSchG • Insolvency money compensation/ deferral
Social Security & Business Recovery, Services,
Social Security &
Topics Social Security
Labour Law
Labour Law & Labour Law, Social Security
Business Recovery & Corp. Tax
PwC Real Estate | COVID-19 WebCast April 2020
PwC 26Your questions to the PwC
experts
Susanne Eickermann-Riepe
Partner, PwC Real Estate Leader Germany
susanne.eickermann-riepe@pwc.com
Sven Hauke
Partner, Leader Banking & Capital Markets Germany
sven.hauke@pwc.com
Scenarios
Dirk Hennig
Partner, PwC Real Assets, Germany
Impact on Financing dirk.hennig@pwc.com .
Moritz Gröning
Local Partner, PwC Real Estate Legal, Germany
Update Legal moritz.groening@pwc.com
Sven Behrends
Partner, PwC Real Assets, Germany
Update Tax sven.behrends@pwc.com
Carmen Meola
Senior Manager, PwC Legal, Germany
Update People & Organisation carmen.meola@pwc.com
PwC Real Estate | COVID-19 WebCast April 2020
PwC 27PwC information on COVID-19 and its impact on the real
estate 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 11:00
PwC Real Estate | WebCast COVID-19 22. April 2020
PwC 28PwC COVID-19 Services
Operations 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 deferrals
Scenario 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 platform
PwC Real Estate | WebCast COVID-19 22. April 2020
PwC 29COVID-19
Impact on Real Estate
Weekly PwC Expert Session via WebCast
6th May 2020 from 10:00-11:00 am
Registration via Link or via E-Mail:
https:/www.pwc-events.com/Covid-19-Impact-Real-Estatepwc.de © 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.
You can also read
