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. To download further information click here .