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Non Core Asset Disposal Case Study

Case Study: Non Core Asset Disposal

Value Enhancement

To maximise value, several stand alone assets such as food & beverage pods, or stand alone buildings were disposed of in off market transactions. By conducting these as off market transactions they sold at above pre sale estimates and resulted in €20m of sales.

On Acquisition

Upon acquisition, several of the assets within the portfolio included adjacent sites and stand alone food and beverage sites or the opportunity to introduce further occupiers who wished to acquire their own “island” sites.

Actions Undertaken

Our asset management strategy identified where there were opportunities to introduce new occupiers, separate to the core retail asset. Planning grants were obtained to allow new users such as food & beverage (F&B) pods or petrol station/foodcourts, with sites sold to such users as Costa Coffee, Starbucks & Applegreen.

Where buildings or land were separated from the core asset, we established the highest value use and disposed of same through individual sales.

Where these buildings were occupied, through securing off market sales to specifically targeted buyers, we achieved above market value.

In the case of Johnstown SC, a neighbourhood grocery scheme, maximum value was extracted by disposing of the centre in 4 lots.

Performance Stats

€20m in disposals which, overall, was over 15% above pre sale estimates.