A multi tenanted acquisition - a timely addition to the property portfolio
'This was a purchase of a major multi tenanted shopping centre at a time of economic downturn, requiring extensive due diligence and enquiry to ensure the veracity of the underlying income stream, as well as the strength of the ongoing tenancy covenants into the future. Added to this was the very short window of opportunity given to the purchaser to complete its due diligence and settle the purchase, which was successfully achieved.'
Ian Tuszynski, Partner and Head of Commercial Property
Our Client
Our client is a substantial high net
worth family group actively involved in the development,
acquisition and management of multi tenanted shopping centres and
activity centres, which are occupied by major national anchor
tenants and complementary speciality
retailers.
Their Ambition
Our client was introduced to an
opportunity to take advantage of the economic downturn and acquire
a major centre to add to its existing group of centres, which would
give the centre the benefit of our client's management and
operational skills. Our client's ambition was to acquire another
viable and stable centre for its long term holding and investment.
We have been working with this client since 1996 and have a strong
relationship with the Board, and we understand its commercial and
investment imperatives.
Enhancing their Success
The purchase was successfully completed within the very short
timeframe available, without compromising on the legal terms of the
contractual arrangements or in the extent of the due diligence
required to ensure that full value was achieved on completion. All
issues of concern were dealt with and resolved, and the
commerciality of the transaction was a key focus at all times.
Behind the Headlines
To reach a successful and commercial result within the time
constraints, we deployed key senior and support members of the
Commercial Property team, with support as needed from other
practice group members throughout our firm. Our client's success
was ensured by the cohesive and diligent nature of our staff, as
well as by our awareness and understanding of the client's needs
and expectations.