In 2017, a working group led by Ruth Harris, Ashurst, and Klaus Betz-Vais, Lloyds Bank, started work on reducing the timing and cost impact of negotiating addressee, disclosure and reliance language for valuation and technical due diligence reports in the context of CRE financings. A draft pro forma reliance letter was developed, on which views were sought first from a representative sample of CREFC Europe members and then from a number of valuation and technical due diligence report providers.
As it became clear that the market was likely to welcome this initiative, the RICS also got involved with a view to the eventual publication of a document agreed and co-branded by both organisations. The initiative is progressing well (albeit broader participation undoubtedly slowed us down), and should conclude during the course of 2018.
Please contact Ruth or Peter Cosmetatos on +44 3651 5696 or firstname.lastname@example.org if you would like to know more.