This week in property management has been pretty hectic! One of the multi-million pound funds we work with has gone under offer on a new shopping centre. As a result, we have been asked to perform the necessary due diligence alongside the lawyers.
The key difference between the two parties performing the due diligence is that we look at the terms and conditions included in associated legal documents and then seek to understand whether these have been implemented on a practical level. For example, there are often exclusion zones included in the leases of the bigger units – it is our job to see that these are being implemented and to make sure they do not limit our ability to gain income from commercialisation in the mall area. To do all of this we are required to read all the associated leases, undertake site visits and set up meetings with existing staff. While this is certainly a high pressured activity it is great to work so closely with the various teams. It also allows you to really understand the process of transactions in the property market and the detail needed by fund managers to assess their investments.