Bin Ennakhil
Hi Iex,
I heard that your buyer walked away, is that true?
Karina
Hi Karyna,
This is not true. Marc (my business partner you met) flew to Italy yesterday and is currently with the owner, he has a written offer of 29m euros but with one complication. The owner is not well and does not want to wait for this to be resolved so for a very quick deal I am told he would accept 25m euros.
All the best,
Alex
Alex,
As you know, we thought that 20 was the top. However if you are at 25, I am hopeful that we can come to an agreement. I suggest you send a contract asap, so we know exactly what we are buying. I am happy to have the number left blank, but the lawyers will need to decide structure taxes and potential issues. The name of the buyer would be KB plc.
Thank you.
Best regards,
Karyna
Dear Karyna,
Marc is on his way back from Italy today but will send you a contract when he gets back later today.
All the best,
Alex
Dear Alex,
As you may already know, we are in negotiations on another property, so please provide as much info as you can, as soon as you are able to. Taxes on transfer, estimated closing costs, inspections, time frame. Has a recent MEP survey been done? Have the roofs been examined? If it is in co form, is there due diligence that has been done on sellers co.?
Thank you.
Best regards,
Karyna
Dear Karyna,
Please find attached a draft of the sale contract of the shares and some requested information:
No transfer taxes. It is a share deal without transfer taxes
Closing costs: Only our real estate agent's fees, 3% ex VAT
Time frame: As soon as the funds are transferred
Due diligence: All the documents of the sellers company are available and this company has only one asset - Bin Ennakhil in Marrakech
MEP, roofs control: No but can be done at anytime
All the best
Alex
Alex Peto
Partner
Dear Alex,
Thank you for your email.
Normally seller pays commission, due diligence period to review cos books. List of items to be removed needs detailing. Taxes owed. Can we just buy the asset? How are we to know that the co has no liabilities?
Thank you,
Best regards,
Karina
Dear Karyna,
The vendor will not accept less than 25m euros net to him - our agency fees can either be paid by you or by the vendor but if he pays then the price would need to be 26m euros.
We have a list of what items he intends to remove - it is not much but for example there is a Gauguin in the bedroom which of course he will remove - I will get this list and sent it to you.
It is not possible to only buy the asset and it does save you 7% in government taxes - your lawyers can check the company has no liabilities but I assure you anyway it doesn't.
If you would like to discuss any of the above over the telephone please let me know a convenient time to call you.
All the best
Alex
Alex Peto
Partner
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