tmd was retained by Prudential Corporate Property to advise on the management of their residual portfolio.
Tasked with managing a large number of properties which were no longer part of the operational business, Prudential required advice as to their potential liabilities in respect of dilapidations, together with those of their sub-lessees. Many of the sub-leases were on qualified terms, not fully reflecting those of the Prudential head lease.
tmd advised on negotiations to affect early surrender of the properties where possible. Where this could not be achieved, tmd advised on exit strategies, including ensuring compliance to be able to take advantage of break clauses and negotiated best possible settlement terms with sub-tenants and the landlords at the determination of leases.