The project to sell the former CH site ran from 2016 until the end of 2021, when the sale was completed. What were the main difficulties you encountered on this project as the owner and also as a local stakeholder?
The sale project only came to fruition after five years for several reasons, with the following difficulties:
- Initially inappropriate positioning of local authorities and public developers, with an acquisition proposal that did not correspond to the objectives of the Hospital Center
- Low attractiveness of the area and therefore limited potential for competition among buyers
- Requisitioning of the site by the government for a period of two years at the time when commercialization was to take place
- Failure of a local private buyer who proved unable to complete the project due to inadequate support, resulting in a loss of one year
Based on your experience, what are the keys to success for a project of this type?
- The quality of the relationship with the service provider Lindea and the latter’s unwavering determination
- Knowledge of Lindea’s business, stakeholders, regulations, and processes
- The strategic approach and the ability to envision the division of roles between the owner and Lindea
- The project team’s “procedural” rigor (written documents, time limits, meeting organization, minutes, etc.)
Lindea supported you from the preliminary studies right through to the signing of the deed of sale. Why did you choose to seek independent advice for this project?
We needed highly skilled professionals (in real estate, technical, legal, etc.) who were well-versed in managing these types of cases
In the absence of internal expertise, we felt it was essential to engage a service provider who could liaise with potential buyers, thereby creating the right distance between buyer and seller
Duration : 2016-2021
Amount € VAT excluded : Confidential
Number of participants : 5
What actions and interventions by Lindea had a particularly significant impact on the success of the project?
Conducting the initial valuation study to determine the sales potential, set the asking price, and identify the constraints and opportunities of the project
Permanent presence (file monitoring and availability) alongside hospital management
Firm stance in defending the interests of the Hospital Center in setting prices and terms of sale, in line with our objectives, which have been achieved
Would you be willing to recommend Lindea’s services to other hospital administrations or other organizations you know of that are looking to sell or leverage their assets?
Very clearly, yes. Without this support, the site would probably not have been sold, and the price obtained and the terms of sale would not have been so favorable
Context and objectives:
- Carry out the redevelopment and conversion of a hospital complex currently being vacated in the immediate vicinity of the town center (8,000 m² spread over several buildings; 1.1 ha), with a view to its sale.
- Develop multi-destination valuation scenarios and prepare for the next stage of the disposal process
Contribution from Lindea:
- Technical diagnosis of buildings and land, summary of key issues
- Alternative conversion scenarios involving partial preservation of the existing structure and new construction in line with the needs of local authorities, supervisory bodies, and potential future users
- Estimation of the site’s value as is based on market conditions and risk analysis for each scenario
- Marketability test with local operators
- Contractual agreement with the buyer: promise then deed of sale
Customer benefits:
- Upstream identification of the project’s sticking points
- Objective and substantiated opinion on the different values per scenario
- Concrete action plan to optimize the value of the site based on concrete feedback from the marketability test
- Resumption of constructive consultation with local authorities on the next steps for the project
- Sale of the site with value maximization
