Sales Support Fidea with sale old HQ
The old headquarters of insurance company Fidea on Van Eycklei and Bexstraat in Antwerp became vacant in 2018 after the move to new offices. The old site included a tower building, parking area and a building located in an inner area. Fidea had a potential study carried out by Freestone beforehand, which gave it a good idea of which development opportunities are feasible at this location. The site turned out to be well placed in the market as a residential development project. Freestone managed the sale of this site for Fidea.
The assignment for Freestone started mid-August 2018. In view of the expected wide interest and the scarcity of such residential project grounds in Antwerp, it was decided to proceed with an open market procedure. All potential candidates were given access to an extensive investment memorandum and to the architecture study. In this way, everyone was given the same information to perform all investigations within a sufficiently long period of time, such as site visits under our supervision and the like. Freestone published the sale in the right media and also reached the right parties through an extensive direct mailing.
PROJECT DATA SHEET
- Customer: Fidea
- Project: Sales Support
- Timing: 2018
- Location: Antwerp
- Size: ca. 4,500 m² surface, 8,000m² built volume
The selected parties were able to easily consult all documents and data via an electronic data room and an individual password. Freestone collected title deeds, permits, soil condition, asbestos and inspection reports, plans ..., and checked everything for incompleteness or gaps. Fidea was therefore completely relieved and candidates were given transparent access. No fixed asking price or set price was given. After all, parties with different ideas about the development could come to a different - higher - price setting. After a bidding process, Fidea awarded the sale to the best party (Koramic Real Estate).
The result
Freestone's approach
- Financial calculation of development scenarios
- Preparation of commercial brochures and documents
- Publication of the sale and supervision of site visits
- Collecting and checking relevant data and organization of an e-data room
- Guiding the sales and bidding process
- Final negotiations about price and sales agreement
- Follow up to notarial deed of sale
The sales objectives of Fidea were more than achieved. The sale was completed within three months. Freestone tackled a few gaps in the available data proactively. This method gave Fidea confidence that the best price was achieved, without reserves or conditions and without overlooking a relevant party. The candidates themselves were also positive about Freestone's professional and transparent approach.
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