Bureau St. James All worldsBureau St. James All worldsDoes every number in the offering memorandum hold up?
An offering memorandum is written to sell. The rent roll and the operating statement behind it are where the story holds or does not.
Koheriant Capital takes the headline figures from the memorandum, each with its page, and the rent roll and trailing twelve months behind them, and checks one against the other. What comes back is a list of what does not hold up, most serious first: totals that do not add, income the documents do not support, leases still counted after they expired, expiries bunched together. Every finding shows its arithmetic and where each figure came from. Floor areas stay on the basis they were measured in, across the American, British, Dutch and German conventions, and are never quietly converted.
