A finite exit to the Onerous Lease Portfolio.

Legacy Portfolio has been managing out surplus lease portfolios for corporates for over 17 years. Led by Alexander Anton, who has been at the forefront of the development of the surplus lease marketplace, Legacy provides a combination of unrivalled financial and operational skills that enable an accurate assessment of the risk price of each portfolio and the expertise to structure the transaction.

Legacy looks to acquire lease portfolios that are both vacant, sub-let and of different types and sizes, ranging from secondary shops and offices to industrial and retail outlets. The less specialised the property, the greater the interest. By interposing itself between the corporate and the landlord, Legacy take on both the rights and obligations under the leases, thus the risk is transferred from both operational and financial perspectives. The corporate vendor achieves a clean break from the burden of surplus leases, for a sum equal to their IAS37 provision.

In certain circumstances, Legacy is able to offer a third party guarantee to the corporate to provide additional comfort against any future privity risk. This normally takes the form of a capped 'first loss'.

With a growing appetite for portfolios, Legacy has targeted to acquire up to £2 billion of gross liabilities from companies over the next two years and has developed the team and infrastructure to achieve this. Once acquired, Legacy will work with both landlords and tenants to reduce the obligations of the portfolios to release value and
eliminate risk.