Penrose Industrial Estate, Auckland, NZ

• Additional Information
• Contact Agent - Bruce Whillans

As part of the Dilworth Trust Board’s strategy to shift the emphasis of their property portfolio to higher yielding investment stock, Ray White Commercial was approached and given a mandate to sell 13.9 hectares of their industrial ground lessor (freehold) interest in Penrose.

Given the sensitive nature of the sale and to protect the interests of the school’s 340 pupils and their families, a confidential sales process was required which would produce the cleanest and most contestable offers for the Dilworth Trust board.

Bruce’s significant client base was used to draw up an initial list of 98 investors. The response rate was overwhelming. Over half of those on the list signed confidentiality agreements. An additional 31 investors requested information about the campaign, taking the total buyer list to 129 investors.

The process was conducted with absolute transparency. All buyers were privy to the same due diligence documentation via an electronic DD room. Ground lessee tenants were given the same notice as private investors to participate in the sale and all tenders were kept in a locked tender box and opened in the presence of the Dilworth Trust Board.

The final result saw the estate sell unconditionally to a local private investor for an undisclosed amount.