Acquisition due diligence
The desk reads the data room for an acquisition (offering memorandum, rent roll, leases, estoppels, title, environmental and property-condition reports), checks each document against the others and against your underwriting, and drafts the issues list and diligence memo. For asset managers, investment managers and REITs.
Why it's hard
In the demo
The rent roll shows the anchor tenant paying full rent. The tenant's estoppel certificate reports a rent abatement agreed in a side letter that is not in the data room. The agent finds the contradiction, shows both documents side by side and proposes a re-price.
How the desk runs it
The data room opens one case per deal: offering memorandum, rent roll, leases and amendments, estoppels, title commitment, survey, environmental and property-condition reports.
The agent ties every lease to the rent roll and to its estoppel, reads title exceptions and report findings, and compares what it finds with the assumptions in your underwriting model.
It lists every issue with its source and its effect on income or risk, and proposes a recommendation: proceed, proceed with conditions, re-price or walk away.
The deal lead reviews the issues and approves the recommendation for the investment committee.
The diligence memo is drafted, a request list goes to the seller for missing or conflicting items, and title objections are prepared.
The memo, the issues list and the source documents are filed to the deal record.
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