Challenge
KeyCorp’s (Key) Corporate Real Estate group had a portfolio of 575 owned properties in 12 states which it wished to bring to market. Allegro was engaged as a trusted business advisor to Key and assisted with several facets of sale/leaseback initiatives.
Solution
Allegro analyzed Key’s entire nationwide owned corporate real estate portfolio and identified alternative financial structures to monetize (generate cash from) the portfolio through a structured sale and both partial and full leasebacks for various lease terms. Allegro developed the business case for presentation to senior management, developed offering materials, and represented the portfolio in the market.
Due to changes in the real estate and capital markets and bank management strategy and objectives, this portfolio did not go to transaction and was, instead, offered to the market as smaller, regional portfolios. Allegro evaluated the potential sale/leaseback of these discrete portfolios of properties and performed seller due diligence.
