West LB

" Structured Sale and leaseback of an international portfolio. "
- West LB

The Challenge

West LB appointed Cushman & Wakefield to review its real estate holdings across five European countries, Turkey and Hong Kong.

The principal aim was to develop a strategy for the sale of a structured sale and leaseback package that would match both operational and capital requirements.

Our Impact

The EMEA Occupier Strategy team gathered all relevant property information for the WestLB portfolio and interviewed senior managers of the local business units.

From this, we were able to create an operational footprint for the portfolio, identify which parts of the estate were operational and surplus and formulate a strategy to streamline the portfolio.

A portfolio of properties totalling 450,000 sq ft was put together with leasebacks to reflect WestLB’s business requirements.

Significant vendor due diligence was undertaken in order to ensure aprocess and reduce sales risk.

A marketing strategy was designed best to suit and exploit the market dynamics at that presise moment and a marketing website was set up containing all the due diligence information. Using this website we were able to track the activity of the different bidding parties.

The Outcome

Cushman & Wakefield was instructed to market the portfolio and a two stage, carefully managed bidding process was undertaken.

A successful sale to Sireo Real Estate GmbH was completed at a price of €123.4 million, releasing significant capital to the business.

For more information contact:

Matthew Stone
+44 20 7152 5678
Matthew.Stone@eur.cushwake.com

Services:

Lease Advisory

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