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Case Study | Carlaw Park: Brokerage

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Location (City)

Asset Type

Transaction Date

Size (Sqm)

Value (USD)

Auckland

Office February 2021 13,300 $73 million

 

Buyer: Prime

Seller: PFI Property

Services provided: Brokerage

 

The Challenge

The vendor was looking to divest 100% of the asset at the best possible price as part of its strategy to be pure industrial-only fund. The vendor would sell in parts provided that all lots were sold at the same time. Additionally, the vendor provided a warranty such that the car park building would be strengthened to 67% NBS or better.

The Solution

Colliers provided strategic advice to the vendor on the optimum sale strategy and marketing initiatives to maximise the sale price.

The recommendation was to market the asset together in one line rather than individually, as interest in this standalone asset was likely to be low, and substantially discounted, following the effects from COVID-19 on the serviced apartment and hotel sector. A combined sale would deliver a better result.

The Strategy

A two-stage private treaty sale campaign was marketed to New Zealand-based and offshore investors to create as much demand as possible, with the quantum of the opportunity being attractive enough to attract potential international acquirers.

The Result

As projected, the service apartment component of the asset did dilute the investor pool slightly, but there was sufficient investor interest to run a second stage process with a group of short-listed, local investors.

A private investor from Wellington was selected as the successful offeror and the asset was sold for $108m or 6.25% initial passing yield.

 

Connect with our Capital Markets and Investment Services experts today to find out how we can accelerate the success of your real estate investment.

View more of our client success stories and expert thought leadership here.

 


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