"At Epiphany Immo, we don’t just navigate markets — we anticipate them. From complex restructurings to opportunistic acquisitions, our mission is to identify value others overlook. Operating at the intersection of strategy, capital, and execution, we deliver tailored solutions for investors, lenders, and asset owners across the continent. Whether repositioning distressed assets, arranging bespoke financing, or structuring equity for growth — we act with insight, agility, and integrity"
– Jonathan Agar

Welcome to Epiphany Immo

Unlocking hidden potential in property and structured finance across Europe

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About Us

Epiphany Immo Investments Ltd is a forward-thinking real estate investment company, founded on the principle of unlocking hidden potential in property portfolios across Europe. We specialise in identifying, structuring, and managing pan-European real estate investments with a bespoke, value-driven approach.

We are not bound by conventional investment profiles or rigid return frameworks. At Epiphany Immo, each opportunity is assessed on its own merit, free from limitations regarding asset class, structure, or jurisdiction. This agile investment philosophy allows us to act decisively in ever-changing markets.

Epiphany Immo as pan-European focused, delivering bespoke capital solutions, transactional expertise, and asset-backed strategies. Since inception, the team has executed complex deals across real estate debt, equity, and special situations.,

At Epiphany, we align today's actions with tomorrow's opportunities. Our work is shaped by strategic foresight, deep market knowledge, and a steadfast commitment to delivering optimal outcomes for select clients.

Our Expertise

Epiphany Immo combines institutional precision with entrepreneurial agility. Our foundations build on deep industry expertise, proprietary intelligence, and a track record of transactions around Europe. With the ability to act as principal or advisor, we align with our clients’ objectives through hands-on involvement from origination to resolution. Every mandate is handled with discretion, creativity and integrity.

We source proprietary, off-market opportunities through long-standing relationships with funds and institutions across Europe. We arrange bespoke financing solutions across senior, mezzanine, and whole-loan tranches—working with both traditional lenders and alternative capital providers to deliver tailored structures, including CMBS and development financing.

Our core strength lies in special situations and distressed asset restructuring, recapitalizations, and liability management. We have advised both borrowers and creditors, and held quasi-trustee positions to safeguard the interests of both. With billions in advisory-led workouts completed over the years, we help owners, lenders, and funds unlock the value in complexity.

1. Financial Restructuring

Epiphany Immo’s principals bring over 20 years of experience in European financial restructurings, with a focus on complex cross-border cases. We advise creditors and borrowers on transforming distressed situations into stable, value-driven outcomes. Our strength lies in unlocking value from deadlocked positions through strategic stakeholder alignment, legal documentation review, and detailed financial analysis. We assess jurisdictional leverage, identify critical paths, and craft bespoke restructuring plans. We lead third-party negotiations and apply tools such as UK restructuring plans, CVAs, German StaRUG, Luxembourg collateral laws, or French safeguard procedures. Where insolvency is needed, we use it to reduce obligations, separate loss-making units, and restore viability.

2. Structured Finance & Real Estate

Structured finance and real estate require tailored strategies—especially post-COVID, where asset use and investor appetite have shifted. Epiphany Immo stabilizes distressed positions, restructures entities, and unlocks fresh capital. We have extensive experience extracting assets from rigid structures and repositioning them to regain operational flexibility. Through our capital markets and real estate expertise, we deliver solutions where value would otherwise be lost. We pioneered orphan trustees in European CMBS to avoid consolidation and preserve investor recovery. We structure OpCo/PropCo splits and source “new money” from special situations funds, leveraging our geographic insight and investor network.

3. Trustee Platform

We provide agile, trustee-based solutions for lenders requiring control without direct operational involvement. Our platform serves a range of use cases, including workout groups aiming to avoid capital deployment, creditors who support rescue efforts but seek fallback rights, and lenders looking for structured alternatives to formal insolvency. Our value proposition includes receivership services, tools for equity preservation, and legal ownership of the restructuring process. We work alongside specialized development and operational partners, acting as the public-facing representative of the restructuring. By bringing speed, clarity, and execution certainty, we help resolve value disputes and maximize recoveries for creditor beneficiaries.

4. In-court processes

Where consensual restructurings are not possible, Epiphany Immo makes use of its wide knowledge of in-court processes in Europe, and its proven skill in taking advantage of the appropriate regime to suit the client's purposes. Whether StaRUG in Germany, WHOA in the Netherlands, Part 26A in England, the recent Luxembourg Reorganisation Law, French Safeguard and Rehabilitation. Epiphany Immo advises its clients depending on the preparation time available, information asymmetry, litigation threats, guarantees, relevant majority thresholds, dissenting creditor/shareholder cram-down requirements, and all the other factors which impact choice of process. This adds value compared to the siloed thinking which national restructuring advisors typically provide.

Selected Reference Projects

Our track record spans complex restructurings, enforcement actions, and strategic advisory across multiple jurisdictions. Each engagement demonstrates our ability to navigate sophisticated legal and commercial challenges.

Led Germany's first solvent exit under an insolvency plan with self-management. Structured as a loan-to-own strategy by a bulge bracket investment bank and successfully sold to Schlecker.

Designed and implemented a financial restructuring via OpCo/PropCo split within German insolvency law. Included COMI shift, creditor compromise, and a Company Voluntary Arrangement (CVA) through structured English administration.

Pioneered use of orphan trust structures for CMBS creditors. Oversaw jurisdiction shift, tax structuring, multiple clearances, and liability management through Luxembourg vehicles, alongside noteholder negotiations and liquidity facility oversight.

Target: Resolved deadlocked French sauvegarde on behalf of CMBS creditors. Employed judicial attribution and orphan trust structures to seize equity and assume PropCo management control.

Margaux / Petrus: Executed same-day, unannounced enforcement actions in Luxembourg and Germany to gain control of a borrower group—before borrower management became aware.

Aggregate / Fürst: Advised junior creditors on enforcement options in Luxembourg. Evaluated German StaRUG and structured English Part 26A restructuring plans for strategic resolution.

Provided strategic advice in multiple roles: maintaining OpCo/PropCo separation, litigation against insolvency administrators, navigating German and Dutch insolvency laws, and managing EU secondary insolvencies and distressed M&A.

Advised on acquiring a blocking minority stake and led a successful proxy campaign to influence corporate direction.

Supported acquisition of a UK freehold portfolio. Developed tailored enforcement strategy aligned with asset protection and recovery objectives.

Managed the distressed disposal of a sister company of Hertie as part of a wider group insolvency restructuring.

Investment Opportunities

Explore our carefully selected portfolio of investment opportunities across Europe, each with its own unique potential for growth and returns.

Commercial

Prime Office Building

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Retail

Iconic Retail Building

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Hospitality

Prime Hotel in A city

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Development

Prime development land for mix used

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Meet the Team

With a lean yet highly experienced team, we provide the full spectrum of real estate services—from sourcing and acquisition to strategic advisory, asset management, and realisation.

Jonathan Agar

Founder

Jonathan Agar is a UK national fluent in English, German, and French. With an MBA from INSEAD, he brings over three decades of experience in mergers and acquisitions, operational and financial restructuring, distressed investing, private equity, and real estate asset management.

Jonathan Levine

Investment Manager & Sourcing

With extensive transaction experience, Jonathan specializes in deal sourcing, investment analysis, and has pan-European exposure across various property types.

Alicia Arambarri

Finance Director

Alicia Arambarri has over 25 years of experience in financial management, controlling, and accounting across diverse industries. As a Chartered Management Accountant (CIMA), Alicia has served in key roles for large international firms.

Samuel Attias

Research Analyst

With a background in market research, economic modelling, and data analytics, Benny provides crucial investment support and assists in developing sourcing strategies.

Meeting of Minds

At Epiphany, we do more than invest. We think deeply about the real estate landscape—what's shifting, what's emerging, and where new value can be found.