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. With the initiative almost concluded, the pandemic struck. We are awaiting confirmation from the RICS as to whether they are in a position to co-brand or not.
If you would like to see the essentially final but unpublished document, please contact Ruth, or Peter Cosmetatos.