Emap PLC Portfolio, March 2013
In May 2008, Legacy Portfolio acquired its first portfolio from EMAP Plc. The portfolio comprised 14 leases with a gross provision of £4m. The transaction was structured as a sale of a company with the liabilities and reverse premium within it.
The work out of the portfolio was completed within nine months and the savings on the provision exceeded 50%. The work out was managed by FraserCRE on behalf of Legacy Portfolio.
“This partnership is further evidence of our commitment to recycling surplus property back into local business communities, to encourage economic growth.”
Alexander Anton, Chairman of Legacy Portfolio