Abbey

In a £457.5 million deal, Mapeley purchased Abbey’s estate of 1,320 properties, totalling 650,000 sq m.  It encompasses call centres, offices, retail sites and various other types of accommodation.  The transaction, which covers a 20 year operating period, was closed very quickly (from selection to closure in less than seven weeks) since this was important to the Client.

Key Achievements

• Transfer of risk to Mapeley - leasehold liabilities but also illiquid freehold properties
• Cost certainty - rents are fixed at day one, with indexed increases thereafter
• Flexibility - occupation can be extended beyond agreed hold periods, or alternatively, brought to an end earlier
• Generated capital receipt (£457m)
• Book gain of £70m

The innovative contract enables Abbey to benefit from cost certainty together with flexibility to vary occupancy periods at a pre-agreed price.

Mapeley is also now the preferred supplier for all Abbey's new property requirements and is responsible for the management and disposal of all surplus property.

The Abbey contract demonstrates Mapeley's ability both to take over a major property portfolio and to provide a range of further property services and commercial advice.

Mapeley's all round capability means that it has made substantial inputs to projects ranging from creative concepts for surplus retail units, the roll-out of coffee shops within existing branch premises and the optimisation of some back office operations.