Legacy Portfolio blog

Wolseley UK
18.10.2011

Legacy Portfolio secure an off risk status for Wolseley UK in 12 months

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.”

Wolseley UK were advised by Cushman & Wakefield and Ashurst on this transaction.

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.”

Legacy Portfolio are supported by leading professional firms, FraserCRE, Slaughter and May, Smith & Williamson, Brown Rudnick, Jones Lang LaSalle and HBJ Gateley.

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.”

If you require any further information, please contact Helen Casey  - 020 7440 7504 or hc@legacyportfolio.co.uk.

Thanks for reading!

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About the author

Helen Casey

Helen Casey

Blogging about industry news and trends, the growing surplus property market, events I've organised and attended, and life outside Legacy. We would love to receive your comments and feedback on our blog posts. If you have specific questions get in touch! @LegacyPortfolio

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  1. 19.10.2011

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