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Real Estate

When you work with us, you’ll be getting access to over 25 years of experience providing independent debt and hedging advice to the real estate sector. Our expertise is built on long-standing relationships with a range of real estate clients, including REITs, global fund managers, owner occupiers, family offices and specialist fund managers. Our approach is clear and straightforward because we have a complete understanding of the sector you operate in. Our cross-sector specialists operate from offices throughout the UK, US and Canada and you can trust us to act as a partner during complex transactions and decision-making processes, and to help free up the time of your business leaders. You can depend on our advice, and our ability to work with financial counterparties to deliver solutions that are tailored to your business goals.

Residential Property

Residential Property

The private rented sector is a mature asset class within real estate in many countries and becoming so in others.  We have a wealth of experience working with clients in the sector and can help you navigate your debt and hedging requirements.

Health and Care

Health and Care

Clients in the Healthcare sector greatly value our in-depth industry knowledge. As we have seen in recent years, your interests can be materially affected by the changing political climate. Accordingly, our strategies and solutions are designed to be adaptable to external factors, and aligned to your business goals, working with multiple counterparties to find you the financing your business needs.



We have developed considerable understanding of the particular financial issues faced by clients with assets in the hotel sector. We understand your exposures to demographic change and the impact of economic trends; the financial strategies we produce are designed to reduce or control your financial risk exposure. Our strategies and solutions reflect your business risk profile as operators of property assets with variable and sometimes volatile income. We can work with you to design and implement debt funding strategies that are flexible and cost-effective.



Industrial property is a diverse sector which affords the opportunity to generate a strong returns profile.  However, it requires a thorough understanding of the assets in order to ensure the right debt and hedging is put in place for the business.



Our clients with interests in the Leisure sector often require solutions and strategies to reduce or control their exposure to changes in economic trends and shifting demographics. Further, sports clubs, gyms, racecourses and all other recreation, entertainment, sports and tourism-related businesses carry with them specific risk. Our team has a proven success rate in delivering financial solutions for all types of transactions.



The logistics and distribution has become a mainstream institutional real estate sector in multiple geographies. As consumer behaviour continues to evolve, logistics and distribution approaches must adapt to succeed. Our experience can help you navigate these dynamics to find the right funding and hedging strategy for your business.



The office sector remains one of the cornerstones of the commercial real estate market. We understand how different geographies and tenancies impact funding decisions as well as how different asset management plans require a change in strategic thinking around your debt and hedging needs.

Social Housing

Social Housing

We have over 15 years' experience in the Registered Provider sector, advising on capital markets, debt, and treasury and cash management. Our team of experts has in-depth knowledge of local market conditions as well as the continually changing funding and treasury arena. We offer you a quality bespoke service, even after a mandated engagement is complete. Having bolstered our team through the acquisition of Canaccord Genuity’s social housing and bond advisory business, we are one of Europe’s largest teams advising the Social Housing sector.

Student Accommodation

Student Accommodation

We have considerable experience in working for groups involved in student accommodation, a sector that has recently evolved into an attractive institutional asset class. We understand your exposure to demographic change, the impact of economic trends and political shifts. With that knowledge, we are able to produce financial strategies to reduce or control your financial risk exposure. We can also help you raise debt to fund growth ambitions and improve your returns.



The nature of the property retail sector is changing. Landlords are increasingly required to be more active and engaged in their portfolios and adapt to the market. We can work with you to tailor debt and hedging solutions that fits into the wider strategy for your business.


We provide a range of hedging strategies and derivative solutions designed to reduce volatility and protect your profitability.

  • Structured Finance and
    Debt Advice

    Market conditions and business ambitions vary, our tailored advice considers this

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  • Structured Finance and
    Debt Advice

    We are experts in structuring and arranging debt solutions for our clients. We analyse your portfolio or individual assets, and advise on the best terms and conditions that can be achieved, taking into account varying market conditions.

    We work closely with our private equity, corporate and public sector clients to design bespoke solutions, built on an individual assessment of risk exposure and business objectives. The application of structured hedging strategies often becomes a crucial part of any funding package, so our team of experts, based in the UK, devise customised strategies to determine the most timely and cost effective structure for you. We’re perfectly positioned to communicate your needs to the relevant markets, ensuring that you get the best possible results.

  • Interest Rate Hedging

    Often mandatory, but with the right advice you can make it work in your favour

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  • Interest Rate Hedging

    Management of a transaction’s interest rate exposure is often a condition of sanction from providing banks who directly benefit from providing ancillary services. We evaluate your interest rate risk and create a hedging strategy that satisfies any particular lending requirement and meets your business objectives. Unlike the bank, our strategy advice is impartial. As an independent firm, we have no other motive than to deliver a strategy that is best aligned to your business goals.

  • FX Hedging

    Mitigate losses and risk associated with currency fluctuations

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  • FX Hedging

    Importers, exporters and investors with overseas assets are all exposed to foreign exchange risk. Failure to analyse risk and implement a bespoke hedging strategy can lead to significant losses.

    We evaluate your business’s FX exposure: transactional and translational; short, medium or long term. Some FX exposures are easily identifiable, while others are less obvious. Optimal FX management involves the ability to work within credit constraints and around the inevitable fallibility of forecasts, while also considering natural hedges.

  • Commodity Hedging

    Your commodity exposure is connected to your commercial arrangements. We understand that

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  • Commodity Hedging

    We structure hedge solutions that match your objectives. We understand the interaction between your commodity exposure and other commercial arrangements such as debt covenants. Our pricing capabilities provide complete transparency on pricing, and our experience and contacts within this specialised area mean we can source the best hedge counterparties. 

  • Inflation Hedging

    How do you mitigate exposure to index-linked income/expenditure? We assist with this, and more

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  • Inflation Hedging

    Inflation risk can arise within a business either explicitly, through a contractual arrangement, or implicitly, through cost or revenue base. It is important when assessing inflation hedging requirements to identify any natural offsetting hedge already present in your business. We can advise you on how to mitigate exposure to index-linked income/expenditure. We offer you our expertise to assess the risk, ensure that the appropriate hedging structure has been chosen and negotiate fair and transparent pricing with the hedge provider. 

  • Valuations and Hedge Accounting

    We support your accounting teams to effectively manage your derivatives

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  • Valuations and Hedge Accounting

    Whether your accounting team requires support or additional expertise with hedge accounting under IFRS, USGAAP and new UKGAAP, or derivatives valuations for internal management or financial reporting, we tailor our services to meet your needs. Our service can ensure accuracy of the reporting of your derivative instruments. Through the full life cycle of hedge accounting, or just one part of the process, we can help ease the workload on your accounting team. We provide guidance on whether to apply hedge accounting, help you meet documentation and effectiveness assessment requirements, and deliver the analysis needed for the relevant disclosures. If you need to convert into IFRS, US GAAP - or into the new UK accounting standard, FRS 101/102 - we can complete a comprehensive analysis of the impacts and considerations and support you with your conversion project. With valuations, we understand that the introduction of CVA/DVA adjustments has deepened the complexity of traditional counterparty bank valuations. We use sophisticated technology and processes to deliver bespoke derivatives valuations.

  • Cash Management

    How do you manage surplus cash? Our independent advice ensures a strategy that’s best for you

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  • Cash Management

    The risks inherent in managing surplus cash are counterparty credit risk, concentration risk and liquidity risk. We work with you to establish the intentions for the cash holdings and consider the relative importance of security, liquidity and yield, as well as factors such as risk versus return and complete capital preservation. We advise on a wide range of short-term investment opportunities, including bank treasury deposits, call accounts and money market funds, designing and documenting bespoke cash management policies and strategies. Our independence means we refuse any introductory commissions from cash product providers, instead requesting that they divert this payment to you in the form of an improved rate of return.

  • Dispute resolution and expert witness

    Unbiased and expert opinion in hedging disputes based on forensic analysis and cross-sector experience

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  • Dispute resolution and expert witness

    If you have a hedging dispute related to hedge mis-selling, our experience and independence means we are well placed to help with the resolution of your case. We look at the core objectives of the borrower, review all correspondence and documentation pertaining to the hedge and the pricing, as well as any alternatives which may have been offered. Our systems recreate historical markets in which the instrument was traded to provide context and determine whether the hedge was suitable and appropriate at the time. A hypothetical hedging strategy and our opinion on what would have been the most suitable course of action are formulated. This is used to benchmark the hedge under dispute and provide guidance on an acceptable level of redress.

    You may need an expert witness, if you have initiated a legal claim and require independent input as part of the litigation process. We can assist under instruction from legal counsel on the case. Our service encompasses the aspects described above and delivers an in-depth appraisal of the communication between defendant and claimant pre, during and post hedge execution. In the UK, all reports comply with requirements set out in Practice Direction 35.

  • Derivatives Regulatory
    and Reporting

    We constantly monitor the regulatory environment and analyse how changes will impact your business.

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  • Derivatives Regulatory
    and Reporting

    We constantly monitor the regulatory environment and analyse how changes will impact your business. No matter how complex your organisation’s structure, we can ensure you meet AIFMD, EMIR and Dodd-Frank requirements. In a rapidly changing regulatory environment where your investors and regulators need reassurance that you are up-to-date with regulation, you can trust that our advice is clear, independent and correct.

Meet our real estate team
  • Samantha Bett

  • Eugenio Bonvicini

  • Jackie Bowie

  • Shane Canavan

  • Richard Conway

  • Gregory Curtis

  • William David

  • Ivan Harkins

  • Malin Gustafsson

  • Josh Knox

  • Michael Leslie

  • Jonathan Lye

  • Ryan McCrickerd

  • Marcello Medda

  • Lisa Montgomery

  • Nicolas Paranque

  • Brian Phelan

  • Szymon Piecuch

  • Henrietta Podd

  • Nedal Ramahi

  • Duncan Salter

  • Shripal Shah

  • Andrew Simmons

  • Jackson Smith

  • Andrew Walsh

Samantha Bett

Samantha joined JCRA in 2011 and is a Director based in our Edinburgh office. Sam has 20 years’ experience in Treasury markets having worked in foreign exchange (FX) trading at Bank of America in London and WestLB in Singapore. Latterly, she held senior positions at Clydesdale Bank and HBOS, undertaking client advisory mandates as well as leading the FX Sales team in Scotland at HBOS. Sam has two very sporty sons who keep her extremely busy with tennis, football, rugby, golf and skiing. Sam has a Bachelor's degree (First class Hons) in Finance from the University of Strathclyde. Sam also sits on the Capital and Finance committee at Social Investment Scotland, a charity and social enterprise that provides loans to other charities, social enterprises and community groups across Scotland.
Email Sam: Sam.Bett@jcrauk.com

Eugenio Bonvicini

Eugenio is as an Associate at JCRA and works in the Real Estate team. He focuses on debt advisory, capital raising and restructuring for real estate sector clients covering senior, hybrid and subordinated debt. Prior to joining JCRA, he has worked at FAB, SMBC and Natixis working in the Project Finance, Leverage Finance and Real Estate Finance teams. He holds a bachelor degree from Bocconi, Milan and an MSc from Regents College, London.
Email Eugenio: Eugenio.Bonvicini@jcrauk.com

Jackie Bowie

Jackie is the CEO of JCRA and a member of the JCRA Group Board. She has been with JCRA for over 12 years and in that time has worked across all of JCRA’s client sectors, advising on interest rate, FX and wider treasury management mandates. Jackie has 22 years of capital markets experience. She spent 10 years as a US Equity fund manager in various roles at Murray Johnstone and Aegon (now Kames) Asset Management. Jackie has a Bachelor's degree (Hons) in Economics, a Master's degree in Investment Analysis and is a member of the CFA Institute. Jackie is married with two daughters and is most frequently asked the question ‘Are you related to David?’
Email Joe: Jackie.Bowie@jcrauk.com

Shane Canavan

Shane is a Director of JCRA, advising real estate clients on managing, pricing and structuring hedging strategies, in particular on interest rate risk. Shane joined JCRA in 2010 having gained work experience in the private equity sector. Shane is a CFA charterholder and holds a Bachelor's degree in Economics and Economics History from The London School of Economics.
Email Shane: Shane.Canavan@jcrauk.com

Richard Conway

Richard is an Associate at JCRA and provides clients with advice on interest rates, inflation, and economics. Richard also assists with business plan modelling and stress testing in Brixx/Excel. Prior to JCRA, Richard held roles at Canaccord Genuity and Strategic Insight. Richard holds a Bachelor's degree in Economics from Trinity College, Dublin; a Master's degree in Economics from the University of Warwick and has completed the Capital Markets Programme with the Chartered Institute for Securities and Investment. Richard can be found most weekends cycling in Surrey Hills.
Email Richard: Richard.Conway@jcrauk.com

Gregory Curtis

Gregory joined JCRA in 2015 and is an Associate in the Real Estate Team. Before joining JCRA Gregory held six-month internships at Société Générale CIB and HSBC, and gained a place on a two-year corporate finance graduate programme with Liberty Global, where he was involved in several acquisitions. Gregory holds a Master’s of Finance from IESEG School of Management in Paris.
Email Gregory: Gregory.Curtis@jcrauk.com

William David

Will is a Graduate Consultant at JCRA having joined in 2016. He specialises in structuring and pricing interest rate, and foreign exchange derivatives for clients primarily in the Real Estate sector. Prior to joining JCRA, Will gained work experience in a number of different sectors including the asset manager firm, Ruffer LLP. Whilst studying for a Bachelor’s degree in Philosophy, Politics and Economics (PPE) from Exeter College, Oxford he represented the University’s Athletic Club and was awarded a half blue. In his spare time he continues to maintain a keen interest in running as well as sports and recently completed the London Marathon in April 2017.
Email Will: William.David@jcrauk.com

Ivan Harkins

Ivan is a Director at JCRA and is head of the Structuring and Advisory team based in London. Ivan works on structuring finance and hedging instruments for clients covering a broad range of asset classes: interest rate, foreign exchange, commodities, inflation and other non-vanilla structures. He joined JCRA in 2007 from Dresdner Kleinwort where he worked on the Credit Syndicate desk. Ivan holds a Master’s degree in Applied Statistics and Stochastic Process from Birkbeck College, University of London and an MScQF in Quantitative Finance from Smurfit Business School, University College Dublin. Ivan also has a Bachelor's degree in Business, Economics and Social Studies from Trinity College, Dublin and is a CFA charterholder.
Email Ivan: Ivan.Harkins@jcrauk.com

Malin Gustafsson

Malin joined JCRA in May 2016 as an Associate Director. Prior to joining JCRA she was an Assistant Relationship Manager at Qatar National Bank in London and was responsible for analysing and executing major financing deals across a diverse range of industries. She holds a Master’s in Business Administration and Economics from Stockholm University. Outside of the office, Malin enjoys a game of tennis and is an equestrian fanatic and has competed in show jumping since she was six years old.
Email Malin: Malin.Gustafsson@jcrauk.com

Josh Knox

Josh is an Associate, having joined JCRA in January 2016. Before joining JCRA, he spent time working at ANZ Banking Group. Josh has seized all the opportunities that JCRA offers, making plenty of friends along the way - who always defer to his superior knowledge of all things music. Josh holds a Bachelor's Degree (First Class Hons) in Finance and Economics from the University of Waikato.
Email Josh: Josh.Knox@jcrauk.com

Michael Leslie

Michael is a Director, based in Edinburgh, and specialises in debt advisory work along with advising on debt related hedging. Michael is a Chartered Accountant and has extensive experience of mid-market corporate and property finance having previously worked in M&A Advisory with Ernst and Young LLP, Corporate Banking with Bank of Ireland UK and in Transaction Services with Deloitte LLP.
Email Michael: Michael.Leslie@jcrauk.com

Jonathan Lye

Jonathan is a Director, focused on the Real Estate sector. He joined JCRA from Chatham Financial where he worked on interest rate and foreign exchange hedging strategies for Real Estate, Private Equity and corporate clients. Before Chatham he worked at JP Morgan as a Business analyst and Sema Group as a Management Consultant. Jonathan has a Bachelor's degree in Mechanical Engineering from the University of Bristol, an Master's in Business Administration from CASS business school and was previously an Engineering Officer in the British Army.
Email Jonathan: Jonathan.Lye@jcrauk.com

Ryan McCrickerd

Ryan is an Associate Director at JCRA having joined in 2011. He holds mathematics degrees from both Oxford and Cambridge University and is presently a mathematical finance PhD student at Imperial. Ryan spends most of his time at JCRA developing pricing and risk models. Of particular interest to him are the pricing and theory of derivative valuation adjustments. Ryan also likes to run.
Email Ryan: Ryan.McCrickerd@jcrauk.com

Marcello Medda

Marcello joined JCRA in 2015 and is an Associate based in London. Prior to joining JCRA, Marcello worked at Intesa Sanpaolo and Societe Generale CIB, having started his career at Morgan Stanley. Marcello holds a Master’s of Science from Bocconi University, and a Bachelor degree from Università di Cagliari, on both occasions majoring in Finance.
Email Marcello: Marcello.Medda@jcrauk.com

Lisa Montgomery

Lisa joined JCRA’s Social Housing advisory team in mid-2015, after moving to the UK from South Africa. She provides support on funding mandates, derivative strategy mandates, capacity reviews as well as credit analysis and stress testing for housing associations. Previously, Lisa worked as an analyst at the investment banking division of Translink Corporate Finance, and as a fund accountant at Maitland Fund Services. She has a Master’s Degree in Financial Management from the University of Cape Town.
Email Lisa: Lisa.Montgomery@jcrauk.com

Nicolas Paranque

Nicolas joined JCRA in 2015 and is an Associate advising Real Estate clients on managing, pricing and structuring hedging solutions for interest rate, inflation and foreign exchange risks. He joined from HSBC London where he looked after the restructuring of interest rate hedging solutions mis-sold to UK retail clients. Prior to this, Nicolas worked for fixed income derivatives sales and securitisation teams at Société Générale CIB and BNP Paribas CIB in London, Brussels and Hong Kong. Nicolas holds a Master’s Degree in Finance and Capital Markets from Toulouse Business School. He also undertook extensive studies in mandarin at Tsinghua University in Beijing and at Fudan University in Shanghai. Nicolas is often described as enthusiastic and studying languages is his favourite pastime.
Email Nicolas: Nicolas.Paranque@jcrauk.com

Brian Phelan

Brian is a Director at JCRA based in New York. Prior to joining JCRA in 2011, Brian worked on the Convertible Bond and Volatility Arbitrage desk at Concordia Advisors in New York and Bermuda, where he developed models for trading and valuation, including an automated hedging system that traded equities in international markets. Brian interests are varied, ranging from football to Physics – he represented Ireland at the International Physics Olympiad. Brian holds a Master’s degree in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin and an Master's in Computer Science from The City University of New York, Graduate Center. He also has a Bachelor's degree in Mathematical Sciences from Dublin City University.
Email Brian: Brian.Phelan@jcraus.com

Szymon Piecuch

Szymon is an Associate based in our New York office, focusing on client service delivery across all our sectors. Prior to joining JCRA, Szymon worked at HSBC Global Banking and Markets where he was Senior Analyst, Interest Rate Derivative Valuation; and before HSBC he was as an Analyst at RBC Capital Markets. Szymon holds a Bachelor's degree in Economics and a Master's degree in Finance from St John's University, New York, as well as being a CFA charterholder.
Email Szymon: Szymon.Piecuch@jcraus.com

Henrietta Podd

Henrietta is a Director in our Social Housing team, since joining JCRA in April 2016. Henrietta has worked in the bond markets for 30 years, during that time she has worked largely in the wholesale bond markets covering most industry sectors. In 1992 she moved to Hambros to concentrate on bond issuance for infrastructure, and increasingly advised on the UK’s PFI/PPP programme. At RBC she headed an award winning bond team and was responsible for the capital markets relationships with Housing Associations also leading the debut issue for THFC No2.  Henrietta started the housing association advisory team with Adrian in 2009/2010. Day to day she manages a number of housing association retained relationships, specialises in advising on the capital markets and maintains the team’s relationships with the largest UK institutional investors.
Email Henrietta: Henrietta.Podd@jcrauk.com

Nedal Ramahi

Nedal is an Associate Director at JCRA, advising real estate clients on solutions for their debt and hedging requirements. He joined from BNP Paribas where he structured hybrid and subordinated debt. Nedal holds the AMCT qualification and read Mathematics at Emmanuel College, Cambridge.
Email Nedal: Nedal.Ramahi@jcrauk.com

Duncan Salter

Duncan is a Director based in our Social Housing team in London and manages and leads on a number of client mandates. Prior to this Duncan was at Canaccord Genuity. Over the last five years Duncan has led a number of major strategic advisory mandates as well as financing transactions, with both UK and US investors. At JCRA, Duncan manages a team of modellers and executives providing advice to housing association clients across all aspects of treasury practice,  risk management and finance from constructing business plans and stress testing to M&A.
Email Duncan: Duncan.Salter@jcrauk.com

Shripal Shah

Shripal is head of the Property team based in London. He joined JCRA in 2016 as a Director, specialising in Property Debt Advisory. Prior to joining JCRA, Shripal was Head of UK and Middle East Real Estate Finance at HSBC’s Global Banking and Markets division. He has approximately 15 years’ experience working in the real estate sector at Barclays and HSBC and has been involved in some the most high profile transactions and with clients such as Blackstone, Brookfield, Canary Wharf, most of the FTSE 100 REITs, property companies and housebuilders. He has also led some of the largest hotel portfolio financings in the last few years. Shripal holds a Bachelor's degree (Hons) in Chemistry from Nottingham University and is FCA qualified. Shripal was part of the Mt Kili Madness team that broke the Guinness world record for the highest altitude cricket game in 2014 in the crater of Mt Kilimanjaro.
Email Shripal: Shripal.Shah@jcrauk.com

Andrew Simmons

Andrew is a Director of JCRA and works on structuring finance for clients covering a broad range of asset classes. Andrew joined JCRA from a top 100 charity where he was the Finance Director and prior to that he was a partner at Brookfield Financial where he advised on M&A and structured finance. While at Brookfield, Andrew focused on the property sector advising clients in the UK, Europe and North America. Andrew is a Chartered Accountant, qualifying with Ernst and Young LLP where he worked in the private equity M&A Advisory team before moving to Eurohypo to focus on the Real Estate sector.
Email Andrew: Andrew.Simmons@jcrauk.com

Jackson Smith

Jackson joined JCRA as a Quantitative Analyst in 2016. Jackson has a Master’s degree in Physics from Cambridge. For his PhD thesis, Jackson analysed data from CERN’s Large Hadron Collider, to measure one of the fundamental asymmetries between the properties of matter and antimatter particles. At JCRA, Jackson enjoys applying his mathematical and computing knowledge to any problems that come his way.
Email Jackson: Jackson.Smith@jcrauk.com

Andrew Walsh

Andrew is based in the Leeds office and is responsible for JCRA's activities in interest rate risk management across the North of England. Andrew joined JCRA in London in 1998 and assumed responsibility for the North of England in 2003. Andrew graduated from the University of Cape Town with a Bachelor's degree in Microbiology (Hons) and Biochemistry.
Email Andrew: Andrew.Walsh@jcrauk.com
Meet the rest of the team

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