Surplus Properties
Client: Emap plc
Project: Disposal of a 'ring fenced' surplus estate
Commercial Imperative:
Emap was pursuing an ordered break up and sale of its operational businesses during which it was recognised that a 'rump'
of surplus leasehold liabilities would detract
from the sale price. CPA was engaged to rapidly pursue a sale of the entire
surplus portfolio within the existing provisions.
CPA Role:
CPA identified an opportunity in the surplus portfolio to package properties in an existing subsidiary, thereby 'ring fencing'
the liabilities. CPA devised and managed the exit strategy, working closely with the in-house team to compile due diligence
and lead 3 parties through the transaction
process before concluding with the preferred buyer.
The Result:
Emap successfully sold its operational business at full value without complication and dilution from unwanted legacy properties. The surplus portfolio was sold at a 20% cost saving against target without any contingent liabilities.
