Mr. Andreasen is a Managing Director and National Practice Leader of the Financial Reporting practice within the Valuation & Advisory at Cushman & Wakefield. The Financial Reporting practice is a specialty within the Financial Advisory Services group focusing on corporate engagements involving real estate related consulting services, with a primary focus on valuation for financial reporting.
Mr. Andreasen joined the Chicago office of Cushman & Wakefield in 2007. Prior to joining Cushman & Wakefield, Mr. Andreasen was a Vice President in the Real Estate Valuation & Consulting group of Duff & Phelps, an investment bank and financial advisory firm. Prior to Duff & Phelps, Mr. Andreasen was with the Corporate Value Consulting practice of Standard & Poor’s (predecessor group to Duff & Phelps), and with the Real Estate Valuation Services Group of Arthur Andersen LLP in Chicago, Illinois.
Mr. Andreasen’s valuations and consultations have been on a variety of properties, including office buildings, regional malls, neighborhood and community shopping centers, apartment complexes, hotels and destination resort properties, transportation rights-of-way, and a variety of industrial facilities including single and multi-tenant distribution, heavy manufacturing, research & development facilities, and cold-storage warehouses. These studies have been in conjunction with real estate portfolio and joint-venture valuations, merger and acquisition due diligence support, internal planning, highest and best use analysis, financing, litigation support, sale-leasebacks, Fresh Start Accounting, and insurable value studies.
Mr. Andreasen has performed multiple studies assisting REIT clients in the application of FASB Statement No. 141R (Purchase Price Allocation) and FASB Statement No. 159 (Fair Value Measurements). In doing so, Mr. Andreasen has assisted clients in identifying and measuring tangible and intangible components of real property acquisitions for financial reporting purposes.
Notable FASB SFAS No. 141 Studies completed by Mr. Andreasen include a West Coast-based REIT’s $3.33 billion acquisition of a privately held East Coast regional mall developer and operator; a Southeast-based shopping center REIT’s $2.79 billion joint-venture acquisition of a portfolio of 100 shopping centers located throughout the U.S; a East Coast based REIT’s $2.4 billion acquisition of a Southern-based office REIT; a $1.91 billion joint-venture acquisition of a portfolio of 86 apartment properties along the east-coast; a Southeast-based factory outlet mall REIT’s $500 million joint-venture acquisition of 9 outlet malls located throughout the U.S; and numerous individual SFAS No. 141 studies of office buildings, shopping centers, warehouses, and multi-family acquisitions for a variety of REIT clients.
Furthermore, Mr. Andreasen has advised corporate clients on the fair value of acquired real estate in conjunction with acquisition and bankruptcy (Fresh Start Accounting) financial reporting requirements. Notable fair value studies include a $41 billion acquisition of a major U.S. based wireless carrier by a competing U.S. based wireless carrier, requiring the valuation of over 27,000 cell tower assets (leasehold and fee simple interests); a $27 billion acquisition of a major U.S. medical devices firm with overseas operations by a U.S. based medical devices firm; a $3 billion go-private transaction of a global destination resort owner and operator; and a $295 million acquisition of a European-based paper products company by a U.S. based paper products company.
Notable Fresh Start Accounting valuations include fair value studies of two Midwest-based automotive supplier’s real estate portfolios, one encompassing 110 global manufacturing facilities and the other with operations in 24 countries; a vertically integrated commercial baking company with more than 60 bakeries and several hundred retail outlets; and a national operator of fitness clubs with more than 300 leased properties throughout the U.S.
Mr. Andreasen also has extensive experience advising some of the largest U.S. pension funds with regard to their real estate fund investments. Over the past several years Mr. Andreasen has valued equity interests in funds which in aggregate total more than $7 billion in assets under management, and span across all property types and investment strategies, ranging from stabilized core assets to Greenfield infrastructure investments. These funds have included joint-venture equity, senior debt, and mezzanine debt investments, along with complex, multi-layered “waterfall” distribution scenarios. Consulting studies completed by Mr. Andreasen have helped his pension clients monitor investment managers, including performance relative to plan and alternative investment benchmarks, and helped identify elements of risk including leverage and off-balance sheet obligations
In addition to valuation work, Mr. Andreasen has also performed buy-side advisory work for several REIT and private equity clients. Notable buy-side advisory work has included financial due diligence for a $1 billion acquisition of a 200 asset portfolio of industrial properties, and financial due diligence for a REIT client’s acquisition of several regional malls.
Mr. Andreasen has worked on a national and international level, with services provided from coast to coast in the United States, while also performing real estate valuations and consultations within Mexico, Canada, India, Ireland and the Commonwealth of the Bahamas.
Guest Lecturer, University of Illinois at Urbana-Champaign at the College of Business, Department of Finance, Course FIN444 “Urban Real Estate Valuation”