Portfolio sales: premium or discount?

Where the premium comes from

From something the buyer cannot get individually: critical mass in one region, an efficient management unit, entry into a segment. Institutional buyers have minimum lot sizes; below those they do not even review. For them, the package is access.

Homogeneity matters more than quality. Ten average convenience centres in one region sell better than three prime assets plus seven random locations.

Where the discount comes from

From the weakest asset. Due diligence on the worst location shapes the negotiation for the entire deal. A single vacancy issue can drive the price discussion for all ten assets.

We therefore check before every portfolio sale whether selling the weak assets separately first makes sense. Often it does, even at the cost of two extra months.

Exclude cherry-picking contractually

The classic: a strong bid that shrinks after due diligence to the six best assets. We work with whole-portfolio bid requirements, individual prices for transfer tax purposes only, and a clear ban on partial withdrawal after the confirmation letter.