Telenor Lease Acquisition – Myanmar, Yangon - Source8
Telenor Lease Acquisition – Myanmar, Yangon
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Telenor Lease Acquisition – Myanmar, Yangon

Client: Telenor

Size: 8,600 sqm

Brief

  • Telenor required a single office building with the capacity in 2014 for 200 people but with the ability to increase this space to accommodate 600 employees in the medium to long term.
  • Telenor were conscious of cost yet required a good location with access to both the airport and residential locations, whist ensuring traffic congestions was kept to a minimum

Challenge

  • A building of 8,500 sqm, with the ability to start housing staff in 2014 was not commonplace on the market, although a lot of construction was in the pipeline
  • Finding international grade stock to meet Telenor’s requirements added another layer of complexity to an already small list of options
  • Long term leases are not common place  and  landlords are bullish in what they assume is a market that will keep rising in the long term

Solution

  • Source8 was able to identify a building still under construction that could be completed in phases, to Telenor standards and specification, in line with the immediate requirement for 200 people and the predicated headcount growth beyond 2014.
  • New long term lease, including all the complexities of a phased delivery lease drafted from scratch to ensure non-market typical deal could be successfully structured and concluded for Telenor

Value added

  • Source8 was able identify suitable options in a challenging market
  • Source8 was able to build strong relations with the landlord and negotiate a complex deal enabling both phased occupation and the integration of Telenor specifications into the final building design

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