Legacy Portfolio entered the bidding process for the Wolseley surplus portfolio, Project Stuart, in November 2009. The portfolio comprised former industrial retail outlets across the country, including 163 leases and 14 freeholds, with a gross liability to expiry of over £70m. Legacy undertook due diligence and analysed the portfolio to ascertain its net liability.
Up against eight other bidders, Legacy triumphed in March 2010 and went onto complete the Project Stuart transaction in June 2010. In just twelve months the liability has been removed. The number of properties remaining is 10% of the original portfolio, and Wolseley are now off risk. The day-to-day management of the portfolio is undertaken by FraserCRE on behalf of Legacy Portfolio.