Legacy Portfolio USA An Introduction

The Legacy Portfolio Offering

• Legacy Portfolio is the leading specialist in taking over surplus corporate real estate for UK FTSE companies and was established seven years ago.

• Legacy deliver a proprietary solution to Corporates for their lease liability issues, including:

- a realistic work-out price

- a mechanism to ensure safe and efficient cash management

- option of a robust financial guarantee

• Legacy take on both vacant and sub-let lease portfolios of different types and sizes.

• Legacy manages on behalf of the Corporate the rights and obligations under the terms of the leases, the liability of the portfolio can then be transferred from both operational and financial perspectives.

• Legacy’s clients share some of the following characteristics:

- Listed or a large private company with net assets of $1bn+

- Surplus lease portfolio of fifty or more leases, representing less than 20% of the total

- No single liability representing more than 10% of the total liability

• US Corporates have surplus real estate issue that can benefit from a global solution.

• Three key reasons to introduce Legacy to the USA –

- The proposed changes to the accounting treatment of property leases in both the UK (IFRS) and USA (FASB) has put surplus lease liabilities on every Corporate’s agenda.

- The recruitment of Michael Dow, previously head of Jones Lang Wootton in North America, (1994-1999) and President at Cresa Partners (2000-2008), provides Legacy Portfolio USA with a recognised and respected leader for our business.

- The Partnership with Cushman and Wakefield LLP to raise a guarantee fund to support the USA business model.

• We have identified a number of differences between the USA and UK market place, download the PDF below.

Why has Legacy Portfolio set up in the USA?

Click here to enlarge the PDF

Background to the Lease Liability Market

• The appetite for selling surplus real estate portfolios has increased over the past six years.

• Legacy is a major player in the market.

• Legacy took on the Wolseley Portfolio, the first large scale pure lease liability transaction to complete.

- View the press releases regarding this transaction on our CRE blog

• The Lease accounting changes are a major factor leading corporates to focus on their unwanted property.

Click here to enlarge

The Legacy Team

• Chairman & CEO

• 40 years experience in the Corporate Real Estate industry

• Formed the CRE group at Jones Lang Wootton, now Jones Lang LaSalle, in London. He moved this division to NYC

• Was the President of Cresa Partners for 10 years

• Leading the development of Legacy Portfolio USA

Alexander Anton Helen CaseyMichael Dow

• President

• Founder of Legacy Portfolio in the UK & President of Legacy Portfolio USA

• Instrumental in focusing corporates on their surplus lease liabilities

• Founder of FraserCRE, a UK based property management firm

• Marketeer

• Responsible for seeking out and developing new business in the UK and USA

• Manages the bidding process for portfolios

• Coordinates the Social Media marketing for Young Entrepreneurs in Property, a successful networking group

• Legacy are partnered by Brown Rudnick, an international law firm. We have worked with Brown Rudnick in the UK for a number of years

“The Legacy Portfolio proposition offers innovative solutions to corporates to mitigate leasehold liabilities - reducing the IAS 37 impact, releasing capital and other financial resources tied up in often unwanted lease portfolios”.

Louise Verrill, Brown Rudnick LLP

www.brownrudnick.com

• Legacy have partnered with Cushman and Wakefield to raise funds to invest in portfolios in the USA.

“Legacy is about to provide a truly needed service for US companies saddled with surplus lease liabilities, expanding on its dominant market share in the UK. Legacy’s proven process of unwinding surplus lease obligations for corporate clients provides the ability to shed liabilities while freeing up valuable capital and management time for core business opportunities.”

Michael Rotchford, Cushman & Wakefield, Inc.

www.cushwake.com

Our Partners

Summary

“The Legacy Portfolio model assists companies in disposing of their surplus leased real estate assets in a quick and efficient manner, removing them from the P&L and Balance Sheet. I believe this will be very attractive to many large and medium sized American Companies with good credit”. Michael Dow, Chairman and CEO, Legacy Portfolio USA.

If you would like further information regarding Legacy Portfolio USA, or you are interested in becoming a partner, please contact Michael:

Michael Dow, Chairman and CEO

Email: jmd@legacyportfoliousa.com

Cell: +1 917 975 7500