Service: Value Recovery | Sector: London Offices
To recover proceeds from a non-performing loan secured by a multi-let central London commercial property. The value of the property had declined to an unacceptably low level and the lender was increasingly concerned by signs of the building being mis-managed.
We were appointed as fixed charge receivers over this property. It immediately became apparent that there were many outstanding lease events and unresolved disputes. It was agreed with the lender to defer a sale pending resolving these issues and an asset management strategy was put together and delivered before the property was brough to the market.
Whilst the loan was not repaid in full by the realised proceeds, the value achieved exceeded that which had been identified by the lender’s valuers immediately prior to the appointment of the receivers.