Acquisitions & dispositions
Acquisition and disposition assignments follow different workstreams. Acquisition representation proceeds from written criteria through sourcing, financial review, negotiation, due diligence, and closing. Disposition representation prepares the property for market, reaches prospective purchasers, compares offers, and coordinates the transaction through closing.
The investment case
The acquisition criteria establish the acceptable property, market, pricing basis, return framework, capital needs, risk limits, ownership period, and potential exit. Opportunities outside those parameters can be declined or reviewed as documented exceptions.
Asset type, use, scale, condition, tenancy, income profile, physical requirements, and acceptable complexity.
Geography, submarket characteristics, demand, supply, liquidity, competitive set, and required local evidence.
Basis, equity, financing, capital expenditure, return framework, reserves, and execution capacity.
Required protections, downside considerations, hold period, operating plan, and plausible disposition paths.
The underwriting gate
As an opportunity advances, the client’s underwriting should incorporate available property records, market evidence, financing terms, diligence findings, legal documents, and updated capital requirements.
Test property, geography, scale, basis, income, physical profile, capital needs, timing, and the reason the opportunity may exist.
Document revenue, expenses, leasing, downtime, capital expenditures, financing, ownership period, sale assumptions, and sensitivities using information supplied by the client and relevant third parties.
Coordinate physical, financial, lease, title, survey, zoning, environmental, financing, and other professional workstreams without blurring responsibilities.
Reconcile final price, financing, capital plan, diligence findings, documents, closing conditions, operating handoff, and investment committee authority.
The diligence record
Track each diligence workstream by responsible party, status, deadline, finding, estimated cost or timing effect, document requirement, and the client decision it may require.
| Workstream | Question | Investment impact | Decision response |
|---|---|---|---|
| Financial and leases | Is the income record complete and supportable? | Revenue, expense, credit, rollover, and underwriting assumptions | Confirm, revise, add conditions, or reprice |
| Physical and capital | What condition and work does ownership inherit? | Immediate capital, reserves, operations, timing, and risk | Scope, allocate, credit, or condition |
| Title and survey | What rights, exceptions, or boundaries affect use? | Control, access, development, financing, and marketability | Accept, cure, insure, or terminate |
| Legal and regulatory | What approvals or constraints affect the plan? | Use, timing, cost, transfer, operations, and exit | Confirm, condition, restructure, or stop |
The ownership arc
Maintaining a single record of acquisition assumptions, operating results, leasing activity, capital work, financing, and market evidence provides the basis for refinancing, continued ownership, or disposition decisions.
Set the property, market, return, risk, capital, timing, and exit criteria.
Underwrite, negotiate, diligence, finance, document, and close the opportunity.
Connect performance, leasing, capital, and market changes to the thesis.
Establish the value position, prepare the property, market it to prospective buyers, compare offers, and close.
Connected decisions
Place the transaction inside wider ownership exposure, capital, and timing.
↗AssetAsset StrategyDefine the property’s current course and the conditions for a transaction.
↗SaleInvestment SalesPrepare and execute a competitive market disposition.
↗EvidenceResearch & AnalysisConnect the investment case to current property and market conditions.
↗Acquisitions & dispositions
Provide the acquisition criteria or sale property, investment objective, decision authority, target market, available information, and timing.
Explore the platform
