A real estate investment client required environmental due diligence (EDD) to be undertaken on a portfolio of 44 commercial and potential development sites across Great Britain and Northern Ireland prior to providing finance to the developer.
As a multidisciplinary consultancy with offices throughout the UK we deployed resources from our Edinburgh, Belfast, Leeds, London, Cardiff and Manchester offices to enable the work to be undertaken.
The focus of the due diligence was to identify any potential environmental liabilities associated with the portfolio that could have a material impact on the financing decision. The primarily Brownfield sites had varied previous uses including; former quarries, residential portfolios, shopping centres, a 120 acre former chemical factory and, various commercial and industrial sites.
The transaction timeframe was 6 weeks therefore our client needed us to assess liabilities associated with land quality, mining, flooding, environmental compliance and regulatory concerns as rapidly as possible. The focus of the assessment was to understand current and future environmental related Capex associated with the ongoing operation and proposed development across the property portfolio.
We then prepared a short form report to communicate the primary issues in an efficient manner and utilised our nationwide team to deliver a consistent, commercial and technically robust EDD report for each site. These succinct reports detailed cost risks and potential liabilities to the wider transaction due diligence team in a non technical format so that information was readily accessible across the team.
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