Buying a Property Portfolio: Questions Before an Introduction

Ask for one line per property: type, location, size, occupancy and how it is held. If the seller cannot produce a simple schedule, that tells you something about the information you are likely to receive later.

Look for reliance on one city, one tenant, one operator or one large asset that represents most of the value. Concentration is not good or bad in itself, but it should be visible before you spend time on the rest of the group.

A combined occupancy figure can hide a vacant building behind several full ones. Ask for occupancy per property, and for income portfolios, the key lease dates per property.

Portfolio information is often uneven. Ask which properties have complete information, which have gaps, and what the seller says it can provide later. Distinguish portfolio-level totals from asset-level facts.

The whole portfolio, part of it, or the company that owns it? Will the seller consider separating assets? Ask early, and do not assume separation is possible; it is the seller's decision.

Good answers to these questions justify a conversation, not a purchase. If the portfolio fits, your advisers carry out title, technical, environmental, tax and financial due diligence. Share confidential documents only once introduction and confidentiality terms are agreed in writing.