Global professional services firm PwC has announced the formation of a new real assets practice for the UK, combining nearly 1,000 real estate and infrastructure professionals.
According to the group, the multidisciplinary team, fielding the expertise of financiers, technologists, asset management experts, engineers and capital programme specialists is led by PwC partner Simon Hampton.
The firm noted that both infrastructure and property had become subject to greater diversification in recent years, with the former category extending from the standard utilities, roads and hospitals sectors, into fibre, data centres and energy storage, and real estate expanding into logistics, flexible space, retirement living and student accomodation.
Hampton, real assets leader and partner said: 'This year has been a game changer for society and for our economy. Covid-19 has accelerated in weeks the trends commentators had predicted would play out over years.
'The real assets team has been created in response to the unprecedented challenges of a growing, connected society shaping our physical environment. The changes that have been surfacing in the real estate and infrastructure sectors for decades can no longer be ignored.
'The Covid-19 pandemic has made it all the more urgent for everyone involved, from planners, developers, operators and investors - and government - to adapt and grow.'
PwC said that the fundamentals of the sector have been rocked, citing images of airports, offices and shopping centres sitting empty, with other assets, such as fibre and logistics, emerging to play a critical role in supporting society. It’s unclear how long term and wholesale these shifts will be, but they will have a profound impact on the infrastructure and real estate markets, PwC added.
The real assets leadership team will also include Neil Broadhead, heading up the UK capital projects and infrastructure team, and Angus Johnston driving UK real estate activity.
Overall, PwC said that the real assets practice would address key areas including the new energy, housing, transport, digital infrastructure, hotels, utilities, student accommodation, health, logistics and office sectors.
