Transaction Support - various shopping centres
Due Diligence Consultant - Belfast, Guildford, Tunbridge Wells
Delta-Simons was appointed by Hermes to carry out Phase I Environmental Assessments for three large shopping centres prior to acquiring Westfield's 50% stakes in the £400 million portfolio.
Delta-Simons was appointed by Hermes to carry out Phase I Environmental Assessments for three large shopping centres in Belfast, Guildford and Tunbridge Wells, prior to acquiring Westfield's 50% stakes in the £400 million portfolio. As they already had a 50% share, this acquisition would allow them to take full control of these assets.
Outline / Scope of Works
Our team undertook thorough Phase I Environmental Assessments for the three sites, which included the following scope of works:
- Reviewing historical maps and previous information (where available);
- Reviewing regulatory information and liaising with the Local Authorities;
- Completing site inspections with interviews of Westfield staff; and
- Undertaking an initial appraisal of the potential for flooding from rivers and seas.
Following the initial flood risk appraisals, one of the assets was identified as being located in an Environment Agency (EA) flood risk zone, therefore, a further flood risk evaluation was performed by reviewing the site's current flood protection measures.
Outcome / Client Benefits
We were able to report that all the sites represented a low risk in terms of acquisition in their current use, with regards to the potential for soil and groundwater contamination issues. Our team was also able to confirm the presence of a flood defence system at the property within the EA flood risk zone, and provide budget costs to improve and maintain the system in the future. Following the provision of this information by our team, in a very tight timescale, Hermes was able to complete the deal gaining full ownership of the three assets to the satisfaction of all stakeholders.