Invesco - Lease renegotiation with Auchan

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The Challenge

The subject built-to suit building was developed in 2002 especially to serve Auchan’s needs for its main Hungarian distribution centre serving 12 hypermarkets in Hungary (9 in Budapest area, 3 in countryside cities). Invesco purchased the building for investment purposes in 2006 with a long term ongoing lease with Auchan.

Auchan issued a tender for the accommodation of its main distribution centre in Hungary.
Cushman & Wakefield (C&W) was instructed by Invesco to renegotiate the lease and secure the tenant for the building.

The Solution

C&W investigated potential competition, highlighting the strength and weaknesses of the building and provided up to date market information regarding lease terms (lease length, market rates, service charges, fit out contribution, payment terms etc.)

Based on these C&W analysed Auchan’s RFP detailed and participated in the multi-round tendering process through preparing competitive proposals.
After the building was shortlisted, C&W provided and agreed Heads of Terms and coordinated lease contract negotiations between Invesco and Auchan by liaising with Invesco’s legal and technical team.

The Results

C&W managed to secure Auchan in the building for long term on the best achievable market conditions. This transaction was the biggest leasing deal on the Hungarian industrial market in 2011.

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