1 Rights of Light insurance for £100m+ mixed use scheme
ISSUE: Contentious Rights of Light issues raised at an advanced stage of project development and extensive research required to investigate the nature of the possible claimants in the light of anticipated appropriation for planning purposes by the local authority
SOLUTION: Having reviewed extensive historical information and site development history, IREDD secured a competitively priced insurance solution to avoid an otherwise time-consuming legal review and uncertain negotiation process thus circumventing delays at a critical stage of this major city centre regeneration project
2 Due diligence wrapper £250m+ corporate sale
ISSUE: The Seller's legal team were under a tight timescale on a corporate transaction where the company being sold owned a portfolio of circa 300 commercial properties. A limited number of purchasers were keen to buy, the Seller required that the matter compete quickly
SOLUTION: Working closely with the Seller's legal team, IREDD arranged a comprehensive "good and marketable" insurance wrapper around the properties being sold which capitalised on existing due diligence for the benefit of the purchaser and its funders enabling the matter to complete within the timeframe required and offering an overall saving on transaction costs
3 Purchase of trading business circa £75m real estate asset value
ISSUE: Buyer due diligence revealed numerous deficiencies in the Seller's presentation of the portfolio of trading real estate assets many of which were legacy issues which had been in existence from the acquisition dates of the assets as the portfolio was assembled
SOLUTION: Working closely with the Buyer's lawyers, IREDD identified and insured specific issues across the portfolio enabling the transaction to proceed in the face of known defects in the portfolio which would have adversely affected the funding arrangements and the acquisition process generally
4 Rights of Light insurance with extended coverage and multiple insurers
ISSUE: Development of circa £200m site anticipated but extensive rights of light issues identified and indemnity required for the full amount of the GDV
SOLUTION: IREDD worked with insurers to structure a multiple insurer solution maximising the available capacity in the market for a truly bespoke coverage to meet the challenges and the requirement of the developer and the developer's equity backers
5 Purchase of £90m+ real estate portfolio business
ISSUE: Purchase of share capital in real estate holding business with 100+ properties and reliance on existing due diligence sought in order to comply with time scales and financing requirements
SOLUTION: IREDD worked with the client, the lead funder and the selected insurer to put in place appropriate insurance cover within the required timescales and at commercially acceptable cost
6 Renewable Energy (AD plant) installation - access/intensification issues
ISSUE: Existing arrangements for access to and use of the land on which proposed major renewables development to be sited potentially insufficient for the intended use
SOLUTION: Detailed proposals to the insurer and extensive working in relation to risks involved and consequential loss calculations enabled insurance to be put in place to enable the funding and the project to proceed
7 Rights of Light £100m project
ISSUE: Comprehensive re-development of a strategically located site in London requiring detailed analysis prior to being submitted to selected specialist insurance markets
SOLUTION: IREDD worked closely with the client, its legal advisors and multiple insurers to provide a bespoke solution which addressed the particular needs of the transaction and requirements of the client
8 Rights of Light £100m+ project
ISSUE: Infrastructure development potentially infringed on Rights of Light in historic city centre
SOLUTION: Working closely in conjunction with the RoL surveyors in this matter the IREDD team successfully implemented an insurance solution which took into account the potentially large impact that the infringement could have on the development and the city centre as a whole when taking into account the likelihood of a claim being brought
9 Vendor due diligence - £100m+ investment portfolio sale
ISSUE: Numerous properties comprised in a portfolio let to a blue-chip tenant being offered for sale
SOLUTION: IREDD provided advice and structure for a good and marketable insurance coverage to allow the portfolio to be sold on a fully insured basis with the additional benefit of simplifying the corporate transfer of the underlying real estate assets
10 £300m Corporate Restructuring
ISSUE: Substantial corporate restructuring involved moving real estate assets around the Group. These assets included key infrastructure assets stretching over several miles and many hundreds of individual titles. Client needed to streamline the due diligence process, in a way that would satisfy third party funders and pension fund trustees.
SOLUTION: IREDD provided a £100m insurance solution to enable the Group participants to proceed with the transaction by providing cover in respect of the continued use of this key infrastructure
11 Development Delays (Unexpected Archaeological / UXB Discovery)
ISSUE: IREDD has recently advised in connection with Central London redevelopments in relation to unexpected archaeological discoveries and unexploded ordnance with a view to providing indemnity insurance for delay costs incurred as a result of such discoveries.
SOLUTION: IREDD has arranged commercial insurance solutions across the market to mitigate the costs associated with these matters
12 Rights to Light circa £50m
ISSUE: Complex city centre site in London acquired for development and requiring the application of specialist right to light insurance cover with reference to multiple consultancy reports over a period of time together with associated defective title issues including potential unexpected archaeological, environmental and UXB discovery issues.
SOLUTION: IREDD reviewed significant amounts of specialist reports and working closely with the client and its appointed professional team arranged an insurance solution for the benefit of the offshore purchaser.
13 Purchase of £70m distressed debt portfolio
ISSUE: Purchaser bidding on a portfolio based on information (provided on a non-reliance basis) contained in a data room provided by the Vendor - data room includes legal resources and Vendor’s solicitors reports on (1) title and (2) leases.
SOLUTION: IREDD provided an innovative insurance solution to enable the Purchaser to rely on the due diligence (including lawyer’s reports) contained in the data room as though it had been prepared for the Purchaser.
14 Multiple lender re-financing over £100m+ portfolio
ISSUE: Multiple lenders in a club re-financing of a varied (both geographically and by value) single use portfolio sought an alternative to lender due diligence on which they could rely to accelerate the conclusion of the refinancing and to provide additional lender security.
SOLUTION: Insurance put in place which relied on sampled due diligence performed by the Borrower over half of the portfolio and which extended coverage to both the Borrower and the Lender in relation to known and unknown title, use and planning issues. Effecting this insurance resulted in the refinancing proceeding on schedule, with an improved risk profile for the lenders and at a significantly lower cost than full due diligence.
15 Key national infrastructure project
ISSUE: Major infrastructure energy development involving assets over a significant distance across many title assets which were subject to existing rights and unknown interests.
SOLUTION: IREDD provided an insurance solution which dealt with the issues of potentially competing interests and provided an indemnity in relation to the land interests which may have been affected by the implementation of the Project.
16 Renewable Energy Projects
ISSUE: Developers and operators of renewable energy installations need to ensure legal resilience of rights to use, occupy and service relevant sites in solar, waste to energy and hydro applications in the UK
SOLUTION: IREDD has worked closely with owners and operators of renewable energy projects to develop legal indemnity insurance to satisfy their commercial requirements and those of their lenders and funders
17 Defective arrangements re utility services on an industrial park
ISSUE: the Purchaser of a unit on a multi let industrial park discovered that utility services serving the property were not located where they were thought to be; piecemeal development over the years had resulted in inadequate arrangements being in place for the supply of utility services to the Unit being acquired.
SOLUTION: Working closely with the purchaser client and its legal team, IREDD reviewed original title documents and was able to identify and formulate a solution satisfactory to the clients legal advisers and relevant underwriters; an insurance solution was put in place for the benefit of the purchaser and its future tenants to enable the purchase to proceed.
18 Venture funded renewable energy (solar panel) installations
ISSUE: Solar PV operators seek guarantees that they will retain the rights to leave in situ and to operate PV equipment over at lest 25 years.
SOLUTION: Working closely with various funds and their lawyers and with insurers IREDD has developed a solar legal indemnity product which enables PV operators to rely on arangements in place to secure the income stream.
19 The Lender on £25m portfolio
ISSUE: Nature of the re-financing transaction and limited time meant that traditional due diligence was too expensive and time consuming
SOLUTION: Use of insurance to supplement available due diligence – including Lack of Search cover – indemnity included lack of good and marketable title and any defect in the Lender’s registered security, all at a fraction of the cost of traditional legal due diligence.
20 Ground Rent portfolio acquisition
ISSUE: Purchase of a portfolio comprising many thousands of reversionary ground rents. The granularity and low value of individual assets comprised in the portfolio makes conducting traditional due diligence, too expensive and time consuming.
SOLUTION: By working closely with the purchaser and the purchaser’s appointed legal team and adopting a market tested and acceptable “sampling” regime, by using and analysing all available due diligence (including from “non traditional” sources) IREDD was able to facilitate an acceptable indemnity insurance solution for the benefit of the purchaser and its funders.