Case Studies

Working with our customers.

Lease transfer to Airopack – Waalwijk, Netherlands

Overview

DCAM stepped in to broker a lease transfer transaction with a hi-tech manufacturing business, which needed to keep within a challenging relocation schedule.  The transfer agreement was successfully concluded within a three week turn around.

Background

This modern 17,000 m² asset is located in the established logistics and industrial location of Waalwijk, close to Tilburg in Nord Brabant. The building was let on triple net terms to McGregor Fashion Group with 12 years remaining on the lease when following a corporate restructuring of McGregor Group, the property became surplus to requirements and the tenant moved out, leaving them with a significant outstanding liability.

Solution

DCAM engaged positively with all stakeholders to help find an alternative occupier, eventually agreeing terms with Airopack BV, Europe’s leading producer of environmentally friendly aerosol packaging. Originally proposed as a sublease, the deal was revised to enable Airopack to take an assignment and gain full management control of the facility and to allow McGregor to achieve a clean exit. In just three weeks from start to finish, the exit of McGregor and their 3PL from the building and its takeover of the lease by Airopack was agreed, approved and executed.

Result

The speed of the transaction enabled Airopack to keep to an extremely challenging relocation programme, which was critical to ensure they could fulfil a major new contract. The building is now central to Airopack’s operations and the security of the investment has also been preserved.

Lease restructuring – Manchester, UK

Overview

DCAM restructured the lease for this 20,440 m2 building to offer the occupier a tailored solution with cost certainty, optionality in later years and long term security.

Background

DCAM acquired the property in late 2013 as a short-dated income investment, having recognised that the improving occupational market dynamics would present an active management opportunity in later years and the ability to work with customers to create bespoke solutions.

Solution

After a period of consultation with the occupier, DCAM proposed an extended lease term and also pre-agreed the next rent review as part of a wider incentive package. This gave the occupier certainty of cost for the next 7 years, with no disruption to the operational business.

Result

The customer was able to confirm their long-term business plan and commit to the building for at least another 11 years, creating a stable platform for further growth in the region. In turn, this created a substantial enhancement to DCAM’s investment value.

Repositioning a vacant asset – Rugby, UK

Overview

An opportunity was identified to capitalise on improving occupier market conditions by acquiring a well located building where the tenant was expected to vacate. The asset was duly taken back, refurbished and re-let on improved terms.

Background

DCAM acquired the property in early 2013, when the lease to the occupier was about to expire. The tenant was not expected to renew, although the improving occupier market demonstrated that the building was already reversionary.

Solution

DCAM worked with the existing occupier to quickly agree their outstanding repair and reinstatement liabilities, enabling them to complete most of the work themselves prior to the expiry of their lease. This ensured the building was returned to the market as quickly as possible, minimising down-time. The repositioned asset was then extensively marketed.

Result

The building was subsequently let on a new, 10 year term certain to a leading UK retailer, to support their E-commerce sales platform. The transaction needed to be completed quickly and incorporated a package of enabling works to be carried out by DCAM, working alongside the tenant’s own fitting out teams. The rental terms agreed were in line with the improving regional occupier market and were ahead of those under the previous lease. The occupier successfully launched a fully comprehensive in-house E-commerce sales function to complement its growing store network, while the transaction also created a secure, long term investment for DCAM’s investor.