Update from my solicitors, June 13, 2013: Dear Client As you know we duly held a meeting at these offices yesterday to receive the final presentations from the two preferred managing agents, CRM and RMG. In attendance were myself, my assistant Sarah Davies, Tracy Russell and two investors representatives, Ali Pourtehari and Tina Bartlett. We unanimously agreed that the investors should appoint CRM going forward. The reasons for that choice can be summarised as follows: 1. They have 20,000 student units currently under management throughout the UK with over 1200 in Liverpool 2. Their portfolio of clients includes institutional investors, universities and individuals 3. They have existing nomination agreements with Liverpool Universities 4. Their management fee was the lowest at 5.5% per annum 5. They displayed a complete understanding of the student, university and investor requirements for residential accommodation from dealing with such assets for almost 20 years 6. They have previously been involved in a number of transfers of management from poor performing agents. In short the team were convinced that they had the resources and understanding as well as experience to handle the changeover and move the investments forward in a positive manner to realise the true potential investment value for each of you. Obviously we need your agreement so that we can ask them to take up a formal appointment. Going forward we need to complete the transfer of the freehold properties from MED to new companies set up for each property so that the companies can then appoint the agents. The companies will be owned by the investors so that in the future issues relating to the management of the properties will be dealt with by you. In that regard we will assist you in appointing a management team. We suggest that the management team should be comprised of preferably UK based investors with some experience of property management from an investment perspective. In the first instance please confirm that we may proceed as advised as time is of the essence if we are to complete all the preliminaries before the end of this month. Kind Regards Sarah Davies on Behalf of David Roberts
Posted on: Fri, 14 Jun 2013 00:30:11 +0000
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