Sale of portfolio of multi-let office, retail and light industrial properties across the UK.
We were very pleased to receive instructions from the purchaser of one of our client companies owning a portfolio of multi-let office, retail and light industrial properties in diverse locations across the country. The new owner was keen to dispose of those properties which did not suit its profile.
It was decided, at very short notice, to place all of the properties in the next following Jones Lang Lasalle auction in London. Although we were familiar with the properties, this was not a simple task. The volume of detailed information that needs to be provided to potential purchasers the moment the auction catalogue goes live is substantial. It is also important to present this information in a logical and coherent manner, so that it is easy for interested parties and their solicitors to pick out the information that is relevant to them. Potential buyers need to be sure that they have a complete picture of the history of the property, its management and the details of the leases affecting it before they feel comfortable to put in a bid at auction. Organisation of the mass of material obtained from the various managing agents is a time-consuming business but, if not done properly, can leave the property unsold at a busy auction with many properties all vying for the potential purchasers’ attention.
Drawing on our own knowledge of the properties, the skill of the members of the commercial property team and the auctioneers, we managed to prepare the auction packs within the required timescale, have them scanned and sent out [ memory sticks] containing all the relevant information as and when requested by potential purchasers.
Liaising closely with Jones Lang Lasalle and (subsequently) Acuitus we enabled our client to achieve the highest possible prices for the properties either at the auction or afterwards, when some were sold using the original auction packs and auction sale conditions.
Having created such comprehensive auction packs, the only problem we encountered on the day was transporting the numerous lever arch files of information to the auction room ready to answer any questions that arose!