IM Igor Milosevic

CBRE · Belgrade

Valuation &
ESG advisory
for real estate across SEE.

I value institutional real estate — and I price the climate risk sitting inside it. Since 2021 I have signed valuations across office, retail, industrial, logistics and residential for banks, investors and funds. Since 2025 I have also led the regional ESG practice across Southeastern Europe.

Igor Milosevic
Igor Milosevic Senior Valuer · ESG & Sustainability Lead

Senior Valuer

Sep 2021 — present

Complex and portfolio valuation for banks, investors and funds. DCF, residual, income capitalization, sensitivity. Reporting to RICS IVS IFRS.

Largest portfolio mandate
€150M+
Asset classes covered
5

ESG & Sustainability Lead

Jun 2025 — present

Regional ESG strategy, decarbonization pathways, climate-risk analysis and due diligence for M&A. Reporting to EU Taxonomy.

Region led
SEE
Market methodology
1st

The second column is why the first one still holds. Buildings that cannot evidence their energy performance are already being repriced.

The position

Most valuers treat sustainability as a footnote. Most ESG advisors have never defended a number in front of a lender. I do both, on the same portfolios, in the same week.

That combination is not a résumé line — it is a methodology. When I run an EU Taxonomy alignment on a bank's real estate book, I am reading the same rent rolls, the same lease structures and the same capex assumptions that I would read for an open market valuation. The screening criteria stop being a compliance exercise and start being an input to value.

My background is deliberate rather than accidental: a double major in Sustainability and Geography with a GIS minor, a master's in Computational Finance now in progress, and four years of institutional valuation practice between them. Spatial data, cash-flow modelling and climate policy are not three separate skills here. They are one argument.

Practice 01 — since 2021

Valuation

Complex & portfolio mandates

Valuations across office, retail, industrial, residential and logistics — single assets through to multi-asset portfolios for banks, investors and real estate funds. Executed mandates for major clients including high-value assets and portfolios exceeding €150 million.

Methodology

DCF, residual, income capitalization and sensitivity analysis applied to complex assignments. Financial models built and adjusted for non-standard and unique property types where comparable evidence is thin.

Feasibility & highest and best use

Feasibility studies and Highest & Best Use analyses for development and repositioning decisions — testing what a site should become before the capital is committed.

Modelling in Argus Enterprise

Scenario modelling, cash-flow forecasting and rent roll analysis in Argus Enterprise, supporting investment cases that have to survive a lender's own sensitivity testing.

Review & consistency

Reviewing valuation assumptions prepared by junior colleagues and ensuring that methodologies, inputs and evidence hold together across a file — the part of the job that keeps a report defensible.

Client-facing

Direct communication with clients, lenders and investment teams, plus business development support through pitch materials and proposals.

Reporting standards

  • RICS
  • IVS
  • IFRS

Practice 02 — since 2025

ESG & Sustainability

Leading the ESG & Sustainability function across the SEE region, run independently of the valuation department and coordinated across advisory, capital markets and external client teams.

First in market

EU Taxonomy alignment for Serbian banks

Pioneered the development of EU Taxonomy alignment reporting for major banks in Serbia, specifically for their real estate portfolios — establishing the first standardized methodology used in the local market. What began as a single client mandate is now the reference approach others work from.

National Task Force

Green buildings in the Law on Construction and Infrastructure

Member of the national Task Force drafting legislative documents on green buildings within the Law on Construction and Infrastructure, contributing ESG and sustainability expertise to Serbia's upcoming regulatory reforms.

  • ESG strategy & frameworks

    Developing ESG strategies and sustainability frameworks for owners and lenders.

  • Decarbonization pathways

    Building asset- and portfolio-level pathways toward stated reduction targets.

  • ESG due diligence

    Transaction-side due diligence and portfolio sustainability assessment.

  • Climate-risk analysis for M&A

    Physical and transition risk assessed where it changes the price, not after signing.

Record

Track

  1. Jun 2025

    ESG & Sustainability Lead

    CBRE Southeastern Europe · Belgrade

    Regional ESG function lead, held alongside the valuation role.

  2. Dec 2024

    MSc Computer Science — Computational Finance

    Union University, School of Computing (RAF) · Belgrade

    Quantitative Finance · Fixed Income · Risk Management · ML for Finance and Investments. In progress.

  3. Sep 2021

    Senior Valuer

    CBRE Southeastern Europe · Belgrade

    Complex and portfolio valuation across five asset classes.

  4. Aug 2016

    BA, Double Major — Sustainability (Business & Economics) and Geography

    Jacksonville University · Jacksonville, FL, USA

    Davis College of Business and Gooding College of Arts. Minor in GIS. Graduated Apr 2020.

Applied research

Effects of Sea-Level Rise on New York City

GIS analysis and prediction mapping of the impacted New York City shoreline, used to estimate potential economic, cultural and infrastructural loss.

Economic and Environmental Analysis of the Jaxport Dredging Project

Weighed the Jacksonville Port Authority's economic case for harbor deepening against its environmental cost, using GIS mapping, valuation formulas and financial data to compare the two directly.

Toolkit

  • Argus Enterprise
  • Excel
  • Python
  • GIS

Languages — fluent English, working proficiency in German and French. Former Jacksonville University Men's Varsity rower and member of the National Rowing Team of the Republic of Serbia.

Contact

Bring me the portfolio
that has to hold both ways.

Valuation mandates, EU Taxonomy alignment, ESG due diligence and climate-risk work across Southeastern Europe.