Service: Lease Consultancy | Sector: Industrial & Logistics | Contact: Ian Gascoigne
Developer and owner Prologis wished to use a series of rent reviews to drive asset value growth at its Prologis Park scheme in Coventry. But with numerous legal issues to be tackled, as well as range of varying rent review dates, an effective strategy was required to maximise the value of the assets.
Working closely with Prologis, we initially worked to identify all the legal issues, and too obtain appropriate advice, to support negotiations. Based on this, we devised and agreed a strategy with Prologis that focused on swift agreements and income growth. Only at this point were rent reviews triggered and negotiated.
Our strategy of early engagement and identification of potential issues has paid dividends, enabling discussions to progress smoothly and rental settlements to be agreed that exceeded expectations. The agreed targeting strategy enabled these settlements to be drawn on in later discussions, promoting further rental and capital value growth. By drawing on our team’s expertise, Prologis Park has exceeded the growth of the wider general market, emphasising its credentials as Coventry’s prime logistics location.