Stakeholders in opco-propco structures will be hard put to meet the looming refinancing challenge, according to a report published by financial adviser Bishopsfield Capital Partners. The majority of opco-propco real estate structures - whereby a property company is split between an operating division (the opco) and a unit for its real estate (propco) - are unlikely to secure refinancing in their current format from either banks or capital markets and creative thinking is required to deal with the issue, the report warns.