Technical Due Diligence for 20 Fenchurch street, London
Cushman & Wakefield Building Consultancy team was appointed by Infinitus Property Investment (Hong Kong) Limited to provide technical due diligence advice for their purchase of 20 Fenchurch Street in London. The team's goal was to provide direction and guidance to protect our client's interests at every stage of the acquisition process through concise, commercially driven, technical advice. The team had toinvestigate not only the property, but also a huge amount of data, as well as the landlord’s property team. In addition, we held regular updates with the Client, their legal teams and the transaction management teams, culminating in a fully considered written report within agreed ‘tight’ timelines.
Cushman & Wakefield Building Consultancy team undertook thorough inspections and document reviews to identify technical issues that might practically and financially prejudice the prospective purchase.
We provided a traffic light report, investigating and clearing issues during the process. The team worked in the tight timescale to meet the deadlines required - the Principle Considerations Report was issued 2 days following inspection, with the full cleared survey within 4 weeks.
This instruction required our specialist knowledge in the commercial office sector, and in dealing with significant, complex instructions of this type and nature.
Reports were delivered on time and followed up with a Client meeting. The Client was able to assess the existing condition and likely extent of future foreseeable works, enabling the purchase contract to be exchanged within 5 weeks.
“We value Cushman & Wakefield’s staged approach in very tight timescales; with traffic light reporting early concerns and thorough investigation into issues before committing to a green light survey report – which was exactly what was required on such a significant transaction.”
Ryan Ng, General Manager,
Infinitus Property Investment (Hong Kong) Ltd
Infinitus Property Investment (Hong Kong) Limited advised by Cushman & Wakefield, has acquired the 100% interest in 20 Fenchurch Street – also known as the Walkie Talkie – for £1.2825 billion (approximately HKD $12.8 billion). This is the UK’s largest ever office deal. Cushman & Wakefield introduced the deal and advised on the acquisition of the property by pre-empting the marketing campaign and placing the building under offer on a proactive basis.