The situation
The data room of a target company owning real estate
An Austrian investor is bidding for a company that owns retail parks in Cluj-Napoca and Bydgoszcz. The data room holds 1,400 documents: land book extracts, permits, 63 leases, a bank facility and letters from the municipalities. The non-binding offer is due in three weeks.
The advisors will do the full review later. The CFO needs a first view now: does the company own what it says, are the buildings permitted for their use, which leases matter and what can the bank do on a change of control. Reading for those questions is where the evenings go.
What the research has to settle
The rules behind the answer
- Title lives in the registers
- Romania records ownership and encumbrances in the land book, and Poland in the land and mortgage registers. The extracts should match the target’s claims, and every mortgage, easement or pending entry needs an explanation.
- Perpetual usufruct is not ownership
- Some Polish land is held in perpetual usufruct rather than owned. The holder has a long-term right with annual fees, and the remaining term and fee terms belong in the summary.
- Foreign buyers and Polish real estate
- Polish law requires a permit for some acquisitions of real estate, or of shares in companies owning it, by foreigners. Buyers from the EEA are largely exempt, and the research should confirm the exemption covers this deal.
- Change of control in the financing
- Facility agreements commonly let the lender cancel or demand repayment on a change of control. The summary should name each clause that triggers consent or refinancing.
How it runs in azta
From the question to the document
The question, as you would type it
Attached are the key documents for a company owning retail parks in Cluj-Napoca and Bydgoszcz. Summarise title and encumbrances, permits for the current use, the ten largest leases and any change-of-control clauses in the bank facility. Flag what blocks or reprices the deal.
You start with
The data room of a target company owning real estate
- 01
Upload the key documents
Add the register extracts, permits, the largest leases and the facility agreement. azta reads them and refers back to the passage behind each finding.
File upload· Pro - 02
Run the due diligence
Run a due diligence review on the target. azta works through title, permits, contracts and financing and flags what needs a closer look.
Due diligence· Pro - 03
Draft the summary
Ask for a first-view summary with red flags first, then title, permits, leases and financing. Edit it in Canvas.
Canvas · Ask azta· Pro - 04
Share it with the deal team
On Enterprise, keep the documents, findings and summary in one workspace for the deal team.
Workspaces· Enterprise You send
A due diligence summary with red flags for the investment committee
What you get
A due diligence summary with red flags for the investment committee
Due diligence summary · draft
Project Vistula: first-view summary
Title. The land book extracts for Cluj-Napoca show the target as owner of all eleven plots, with a mortgage in favour of the financing bank. In Bydgoszcz, two of the five plots are held in perpetual usufruct; the annual fees and the remaining term are in Annex 1.
Permits. Occupancy documents are in the data room for every building except the drive-through unit in Bydgoszcz, built in 2021. We have asked the seller for the permit and the completion documents.
Financing. The facility agreement lets the lender cancel and demand repayment on a change of control without its prior consent. Lender consent, or refinancing at closing, should be a condition of the offer.
Outcomes on your numbers
What azta is worth on this task
Pro pays for itself after
12 minutes a month
At €140 an hour, that is all the time Pro (€27 a month) has to take off your desk to cover its price.
Example figures. Replace them with your own.
- Hours back a year
- 50
- Capacity at your rate
- €7,056
- More due diligence first views a quarter
- 0.7
- Return on Pro
- 21.8×
- Research
- Drafting
- Your review
A scenario you set, not a promise. The hours that come back go to another client, or deeper into this one.
Want these numbers on your team’s real workload?
Book a demoSources azta searches here
- legislatie.just.ro
- Dziennik Ustaw
- SAOS
- EUR-Lex · Curia
What stays with you
- The full legal and technical due diligence by your advisors.
- The valuation and the price.
- The offer and the conditions you attach to it.
Frequently asked questions
- Does this replace the advisors’ due diligence report?
- No. It gives you a first view for your own decision. The full review, and the report lenders and investors rely on, stay with your advisors.
- Can it read documents in Romanian and Polish?
- Yes. azta reads documents in their original language and answers in English, pointing back to the passage it relied on.
- Is the data room content kept confidential?
- Documents are never used for training on any plan and stay in the EU/EEA. On Enterprise, a sealed tenant and SSO keep access within your organisation.
