The work out of the Wolseley UK surplus lease portfolio has been successfully concluded.
Legacy Portfolio are pleased to announce the successful conclusion of the Wolseley UK surplus lease portfolio, acquired by Legacy in June 2010. In just 12 months, Wolseley UK have been removed from all future financial risk of £77m of gross liabilities, following the transfer of financial and management responsibilities of 163 leases to Legacy Portfolio. The result has been achieved in under twelve months with over 120 surrenders accomplished. This is the first pure surplus lease liability deal of this magnitude to complete.
Andrew Pickett, Property Director of Wolseley UK, commented:
“The success of this transaction has allowed us to focus on our core operational objectives and ensured that the needs of the branch network are fully supported. Legacy have delivered to the highest standard whilst ensuring that Wolseley’s professional integrity has not been compromised. We are delighted with the result.”
Alexander Anton, Chairman of Legacy Portfolio, commented:
“We are delighted with the results achieved, which are another good example of the benefits that the Legacy solution can deliver to Corporates. There can be no greater comfort that the risk has been removed completely than a surrender, and our success in doing so in 75% of the properties is all down to our structure and execution capabilities. We have a strong team of professionals who have enabled us to reach our target so rapidly.”
Kevin Vickers, Partner at Cushman & Wakefield, commented:
“Legacy’s success on the Wolseley transaction has set a high benchmark for Corporates in disposing of surplus real estate. 2011 has seen unprecedented levels of transaction activity in the transfer of Corporate surplus real estate to third parties. Cushman & Wakefield currently has disposal mandates on a further three portfolios.”
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