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Peter Boros

 

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Tel:   +44 1189 406 335

 

Peter.Boros@Boroscre.com

 

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Dry Leaseback - Major Manufacturing Site

A regular and straight forwards Sale and Leaseback of a middle aged manufacturing facility – large and in an off pitch location but let to be let to a good quality mid cap covenant. The site was part of the clients ‘core’ business, and would be occupied for very many years to come, hence it was identified as an asset against which cash could be raised for better use and better returns in the expansion of the business. It was unlikely that significant alterations would need to be done to the premises given they were self developed for the client and managed by us.

We were instructed to put the property on the market at the end of Q1 ie. March, and the client wanted to achieve a Q2 sale to announce at it half year. Another simple one…..….no pressure then!

 

We advised that there should be put in place separate co terminus Leases in respect of each building, to give the client flexibility to exit part in the future, and also to give  flexibility for the investor to enable fragmentation and also ease the problem of evidence at rent review time.

Whilst this was a large lot in a small market town, the packaging of the product and covenant/ lease structure plus the appetite of the investment market at the time with a dirth of quality product resulted in a sale at 10% in excess of original expectations and exchange occurred in time for the necessary announcement to accompany the clients half year results announcement to the Stock Exchange.

 

We:-         

 

·    Managed whole process from end to end.

·    Provided the client with realistic budget data in terms of market rental and likely realisation price on a number of alternate leasing scenarios.

·    Appointed and managed the investment broker

·    Agreed and approved all marketing budgets and literature

·    Worked closely between agent, solicitors, other consultants, local management and main Board to prepare comprehensive due diligence including Environmental and Asbestos data, measured survey, condition survey, services data, the draft leases and all normal responses to likely due diligence interrogation

·    Aggressively managed the activities of the marketing agent to ensure the time table was met and that we ran with the right buyer when a ‘clutch’ of bids had been secured, and managed the legal team through to the point of cash in the bank.

 

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