Pre-acquisition environmental due diligence of £42m North East industrial portfolioNovember 30, 2017, 3:56 pm
Roberts Environmental has recently undertaken environmental due diligence of an extensive portfolio of 10 large North East industrial sites on behalf of a London-based global investment company.
The substantial portfolio has subsequently been acquired by the unnamed investment company with a price tag of £42m from local property firm, UK Land Estates.
Having previously worked for the client on multiple projects, Roberts Environmental was instructed to undertake Phase I Environmental Due Diligence Desk Studies to determine the client’s risks and liabilities of purchase.
The project involved gathering information from a variety of sources including a site walkover, dataroom information from the lawyers, historical sources research and geological interpretation including coal mining risk assessment and regulatory consultation. The work was completed within the required timeframe of 4 weeks.
Jeff Roberts, managing director of Roberts Environmental said: “Through our investigations we were able to determine the risks from all the sites were minimal, which allowed the transaction to progress. Whilst all sites had abnormal issues due to their long, potentially contaminative industrial use and large size, we were able to offer a commercial view on the properties based on their ongoing use.
“As a commercially-minded firm with a wealth of experience in the sector we understand how environmental risk can impact value and saleability. Our jargon-free advice helps clients make informed decisions, whether its prior to an acquisition or in relation to planning or development.”
The 10 industrial sites included; South Nelson industrial estate, Cramlington; Boldon Business Park; West Quay Court, Sunderland; New York industrial estate, North Tyneside; Pennywell industrial estate, Sunderland; Harmire Enterprise Park, Barnard Castle; Viking industrial estate, Newcastle; Tanfield Lea North industrial estate, Stanley; Southwick industrial estate, Sunderland; Whitehouse Road industrial estate, Newcastle.
The client was extremely happy with the outcome and Roberts continues to work for them on a number of ongoing acquisitions.
For further information on our due diligence services please contact Jeff Roberts on 0191 230 4521 or email: firstname.lastname@example.org