We’ve recently completed the sale of the final asset in a three-shopping-centre disposal programme on behalf of Teneo, who were acting as Fixed Charge Receivers, alongside our long-standing client, NewRiver REIT.

The assets were originally placed in receivership during COVID, with FMX's James Mead and Patrick Kilvington working closely with both NewRiver's Simon Anderson and Harry Jeffery, and the receivers, to provide strategic investment advice to support the implementation of an active asset management strategy across all three schemes.

This early involvement in the lifecycle of the disposal programme meant we were able to anticipate and address many of the issues which can impact liquidity, purchaser appetite and transactional timing. This extended beyond investment and leasing strategy and included close consideration of day-to-day operational management, arrears positions, problematic occupancies, service charge administration, tenant engagement, outstanding surveys and physical works required across the assets.

Through a coordinated approach between the investment, asset management, leasing and property management teams, each scheme was comprehensively repositioned prior to sale, with a clear focus on income optimisation, occupational performance and strengthening the long-term investment narrative for purchasers.

This joined-up strategy ultimately enabled us to deliver focused marketing campaigns for each asset.

𝗧𝗵𝗲 𝗿𝗲𝘀𝘂𝗹𝘁: We generated strong levels of competitive interest and received multiple offers across all three shopping centres, with the assets selling swiftly, all above quoting terms and without any price adjustment during the legal due diligence.

By establishing a clear strategy well in advance of disposal, the sales process was efficient, targeted and delivered excellent outcomes for all stakeholders involved - a key testament to the importance of early collaboration between receivers, asset managers and investment advisers.

A huge thank you to everyone involved across the various teams throughout the process, but particularly NewRiver REIT, Ashdown Phillips, Teneo, Heywood & Partners, and Colliers.