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SFP Property were appointed to replace Receivers by an SPV with a purchase debt secured on a substantial portfolio of retail, residential and office properties situated nationwide with a mixture of long and short dated leases returning an annual rent roll of £2, albeit with voids and with numerous management issues. The appointment was further complicated by the ownership structure of the portfolio.
SFP Property coordinated an asset management strategy with advisors which took in recovering arrears of debt, resolution of various VAT issues, marketing void properties, dealing with maintenance issues and putting in place a strategy for a managed disposal of the portfolio. Certain disposals were undertaken off market where exceptional offers were received and then a coordinated marketing campaign was undertaken which resulted in the sale of the portfolio at a surplus to the value of the debt and a distribution to shareholders.
This case concluded with the sale of the portfolio significantly in excess of secured debt resulting in significant distribution to shareholders within a 12 month time frame.