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Moorfield Group has successfully completed its final close for Moorfield Real Estate Fund III (MREFIII) having raised up to £500m in equity capital across three tranches. The equity capital total is comprised of £250m of discretionary equity capital; a second tranche of more than £100m of non discretionary, co-investment equity capital; and a third tranche of up to £150m in joint venture capital. MREFIII expects to leverage investments on a deal-by-deal basis, at a conservative 50% on average, providing a total spending power of circa £1bn over the next three years. Just before Christmas, Lone Star acquired the bulk of ... Read More »
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Valad Europe has bought the six-strong office-led Netherlands UNO portfolio from Unibail-Rodamco for €140m, financed with an ING Real Estate Finance loan.
ING is understood to have provided a circa €90m five-year loan, which reflects almost 65% LTV, and priced just above 200 basis points for the secondary Netherlands property portfolio.
ING is now expected to syndicate around €20m to €30m of the loan.
Valad Europe acquired the UNO portfolio in a joint venture for which the vast majority, if not all, of the capital has been provided by an unnamed investor as the maiden acquisition in a brand new joint venture partnership dubbed the Valad Netherlands Diversified Partnership (VNDP).
The UNO portfolio acquisition reflects an approximate €50m equity investment from an initial €200m in equity capital seeded by Valad’s unnamed investor, which itself will be leveraged to provide an expected total investment of €500m.
VNDP will leverage investments – across offices, industrials and out-of-town retail sectors in the Netherlands – on a deal-by-deal basis at typically between 60 and 70%.
The UNO portfolio comprising six assets with a mixture of c.53,000 sq m office and c. 6,000 sq m retail space, from Unibail-Rodamco.
Debt financing for VNDP will be sourced from a pool of lenders with whom Valad Europe already has existing relationships, with financing for the UNO portfolio transaction provided by ING.
Last December ING provided a £365m seven-year senior loan to the Safra Group to finance the acquisition of The Gherkin in the City of London, as revealed by CoStar News.
VNDP will seek to acquire good quality, well located real estate targeting both single assets and portfolios, primarily in lot sizes ranging from €10 to €100m.
Christian Bearman, Valad Europe’s head of corporate development and operations, said: “We are pleased to be partnering with an investor who shares our desire to capitalise on this window of opportunity in the Dutch real estate market.
“Valuations and occupancy levels in certain sub-markets of the Netherlands are currently out of sync with the underlying economic recovery, providing an attractive counter cyclical opportunity for the Valad Netherlands Diversified Partnership to invest on a large scale in high quality offices, industrial and out-of-town retail assets in specific strategic locations.”
Mark McLaughlin, Valad Europe’s Head of Benelux, added: “The UNO portfolio is a good example of the type of investments we are targeting for VNDP. Our local team on the ground is actively seeking attractive investments and we look forward to finding suitable deals which meet VNDP’s investment criteria and where we can apply value-add asset management strategies in order to generate attractive returns in the medium term.”
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The launch of the Valad Netherlands Diversified Partnership comes soon after it launched a similar vehicle targeting Central European retail assets in October. It now has c.€1.8bn of investment capacity to target acquisitions in the Netherlands, Central Europe, Germany, France and the UK.
Valad Europe manages €4.9bn of real estate assets and investment capacity across 20 funds and mandates in Europe. Valad has a team of 19 people in the Benelux region who currently manage approximately €300m of funds, invested in approximately 60 assets and accommodating 400 tenants.
Lloyds Banking Group’s non-core legacy UK and Ireland commercial property loans have shrunk to around £8.5bn, after the a further run-off of approximately £4.2bn over the first half of this year.
Over the six months to the end of June, Lloyds’ non-core UK commercial real estate exposure reduced by £3bn to just £4bn, according to the bank’s results presentation and subject to rounding. Ireland commercial property loans fell £1.15bn to £4.35bn, according to Lloyds’ half-year results published this morning.
In addition, the may be modest indirect real estate exposures in the bank’s corporate loan book pools, although these are no longer reported by sector.
Within Lloyds’ £4.35bn Irish commercial property book, £4.1bn of loans are impaired, reflecting 94.6% of the remaining exposures, while the bank has made provisions covering £3.2bn.
Lloyds’ Irish book is comprised of £2.7bn of commercial property investment loans, of which £2.4bn are impaired and £1.7bn in provisions have been set aside, and £1.7bn of commercial property development loans.
Lloyds’ entire £1.7bn Irish commercial property development loan book is impaired, with provisions of up to £1.5bn set aside.
CoStar News reported back in mid-June that Lloyds is expected to bring to market a nationwide direct portfolio of Irish shopping centres and retail parks, dubbed Project Thomond, in September.
Project Thomond, so-named after Thomond Park, which is the location of Limerick Rugby Park. There is understood to be at least two assets in Limerick as well as shopping centres and retail parks in Dublin, Cork, Sligo and Cavan.
Based on the current understanding of Project Thomond’s assets, an asking price of circa €120m is thought probable.
Savills and Bannon are understood to be appointed to sell Project Thomond on Lloyds’ behalf.
Lloyds is also one of the three creditors which have enforced over the 400-acre Cherrywood Business Park and development scheme south of Dublin, with a guide price of €220m.
Stephen Tennant and Paul McCann of Grant Thornton have been appointed as receivers, who in turn have instructed Savills, in a sales process dubbed Project Cherry, as first revealed by CoStar News six weeks ago.
Also coming from Lloyds in the third quarter is “Project Pheonix II”, in reference to the non-performing loan portfolio Lloyds sold to Apollo last December, comprised of granular residential properties throughout secondary locations in Ireland.
Impairment coverage for Lloyds’ UK commercial property exposure is reported only as part of a merged loan pool including corporate loans, some of which will be corporate loans to property companies while many more will not.
This merged segment, which fell by £3.6bn to £7.9bn over the first half of the year, has £5.3bn in impaired loans, reflecting 66.8% of the pool, against which Lloyds has set aside £2.6bn in provisions.
Furthermore, this £7.9bn merged pool of UK commercial property and other corporate loans includes the dwindling Corporate Real Estate Business Support Unit (BSU) portfolio, which is now also no longer separately stated.
However, this morning’s interim results stated that the BSU portfolio “continues to reduce significantly ahead of expectations” – a 35% reduction in net book value for the first six months of 2014, compared to 24 per cent in the same period last year
Consensual asset sales by customers, loan sales and asset disposals totalled £2.5bn net book value, compared with £3.6bn for the same period last year.
The BSU impairment charge in the first half of 2014 reduced to £92m compared to £317m in the same period to 2013, reflecting lower gross charges on a reduced portfolio, some improvement in real estate market conditions in the regions as well as asset management which has enabled a number of write-backs on previously impaired loans.
Lloyds’ two major loan portfolio sales in the first half of this year have been the sale of the €590m Project Aberdonia to Marathon Asset Management for €280m and the sale of the £536m Project Avon to Cerberus Capital Management for £352m.
Moorfield Group has successfully completed its final close for Moorfield Real Estate Fund III (MREFIII) having raised up to £500m in equity capital across three tranches.
The equity capital total is comprised of £250m of discretionary equity capital; a second tranche of more than £100m of non discretionary, co-investment equity capital; and a third tranche of up to £150m in joint venture capital.
MREFIII expects to leverage investments on a deal-by-deal basis, at a conservative 50% on average, providing a total spending power of circa £1bn over the next three years.
Just before Christmas, Lone Star acquired the bulk of Moorfield’s first two maturing, closed-ended UK private equity real estate funds – MREF and MREFII – for approximately £1bn as part of the funds orderly windup and return of capital to investors. For a detailed breakdown of these two funds’ assets, please click here.
Lone Star and Moorfield will complete the deal in February.
Moorfield raised £265m in equity for MREF in 2005 and £389m in equity for MREFII in 2007, therefore, its MREFIII fund is the UK-focused private equity real estate fund manager largest closed-ended fund to date.
The MREFIII investor base consists of a group of investors split broadly equally between existing and new relationships with the investors coming from the US, Europe and Japan.
Marc Gilbard, chief executive officer of Moorfield said: “We are satisfied with this successful fund raising which gives MREFIII the flexibility to deploy a significant amount of leveraged capital in the UK real estate markets.
“We are grateful for the support and confidence of our existing and new investors and are pleased to have been able to expand our investor base in terms of geography and investor type.”
MREFIII is a UK focused opportunistic/value-add fund with a targeted risk adjusted internal rate of return (IRR) of c.15-20% and an equity multiple of c.1.5x-2.0x. Moorfield looks to identify investment opportunities where equity returns can be enhanced with active asset, operational and financial management.
MREFIII will be targeting sectors and sub-sectors with attractive supply and demand dynamics.
MREFIII’s most recent acquisition is Aurora in Ealing, West London, which was bought from Threadneedle Investments for £22m in an off-market transaction in late December 2014.
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Aurora is a prominent Grade A headquarters office building in the Ealing office core. Built in 1996 and comprising 51,943 sq ft over the ground and 4 upper floors, Aurora is let in its entirety to market research company Dunnhumby until May 2016.
Charles Ferguson Davie, chief investment officer from Moorfield said: “Aurora is an excellent addition to MREFIII’s portfolio; it is a high quality property in an already strong location that is going to continue to improve with the support of Crossrail.”
MREFIII is working in joint venture with XLB Property on Aurora and JLL advised Threadneedle Investments.
Aurora joins four other MREFIII UK investments including 100 Barbirolli Square in Manchester, Quartermile in Edinburgh, a Private Rented Sector (PRS) scheme at Queens Dock in Liverpool, and the Energy and Innovation Parks in Aberdeen.
Oaktree Capital Management and Patrizia have received wide interest from across the spectrum of lenders for the circa £352m financing of the three-strong MEPC UK business park portfolio, in what has become the summer’s most competitive financing mandate.
Just under two weeks ago, Oaktree Capital Management and Patrizia won the competitive blind auction to acquire three business parks from MEPC – in a process dubbed Project Aviemore – for a price now believed to be £440m.
The three regional business parks are spread over 4m sq ft of mixed-use space leased to 510 tenants. They comprise:
- the 2m sq ft Hillington Park in Glasgow;
- the 1.2m sq ft Birchwood Park in Warrington, 20 miles east of Liverpool; and
- the 820,000 sq ft Chineham Park in Basingstoke, 17 miles south west of Reading, which includes MEPC as a tenant.
The weighted average unexpired lease term (WAULT) is 5.3 years to expiry and 4.1 years to break clause, while the portfolio occupancy levels is 91% and the annual rent roll is £33m.
CoStar News understands Oaktree and Patrizia have already received terms sheets from investment banks, UK clearing banks as well as debt funds at a requested 80% LTV, which implies a whole loan financing ticket of £352m.
There is a range of financing strategies under consideration, including slicing the £352m whole loan into a 65% LTV senior loan, of £286m, and a £66m junior loan up to 80% LTV detachment point.
A number investment banks are understood to have submitted term sheets for the whole loan which a CMBS exit strategy in mind for the senior loan along with a syndication of the junior loan.
Citigroup, Morgan Stanley and Deutsche Bank are understood to be among the investment banks which have already submitted initial term sheets. The most relevant comparable for this financing solution is, of course, Deutsche Bank’s £580m Chiswick Park whole loan refinancing for Blackstone in June last year.
The £380m senior loan, originated at sub 250 basis points over three-month LIBOR, was securitised in the unrated DECO 2013-CSPK CMBS, while a £200m mezzanine loan was placed with a separate account of Qatari Investment Authority (QIA) capital managed by Apollo Global Management. Based on the revaluation at the time of the refinancing, the whole loan was 81.35% LTV.
An alternative strategy is for one lender to write a whole loan and hold and syndicate according to their business models.
CoStar News understands that, inter alia, term sheets have been submitted by three UK clearers all with an originate-to-distribute strategy in mind – Royal Bank of Scotland, Lloyds Banking Group and Barclays Bank – in addition a financing offer by originate-and-hold insurance lender, M
NAMA has launched the sale of the Parks portfolio, comprised of five retail parks throughout Ireland, through investment sales agents CBRE and DTZ Sherry FitzGerald with a guide price of €110m.
CoStar News first ran a story on the Parks portfolio on 19 June.
Approximately 60% of the value of the Parks portfolio, or €66m based on the guide price, is derived from the sale of a significant part of Carrickmines Retail Park known as Phase 1, The Park.
The four other assets are:
- M1 Retail Park in Drogheda;
- Lakepoint in Mullingar;
- Poppyfield Retail Park in Clonmel; and
- Four Lakes Retail Park in Carlow.
Based on the €110m guide price, and an annual portfolio rent roll of just under €9.4m, the net initial yield would be 8.4%.
In a statement issued this morning, CBRE wrote that the Parks portfolio is expected to draw interest from private equity firms and, given the yield compression experienced in the Dublin office market, also REITs and funds drawn by the portfoli’s asset management opportunities.
The Park in Carrickmines is south Dublin’s premier retail park. Phase 1 of the Park offers 203,170 sq ft of retail warehouse space and benefits from key tenants such as Woodies, PC World, Next and Halfords. The scheme generates a rental income of approx. €4.4m per annum and has a low vacancy rate of 7.6%.
Phase 2, which is not included in the sale, also includes a strong tenant line up to include household names such as TK Maxx, Heaton’s, Mothercare
Andrew Gunne has been appointed as the new chief executive of the property development and investment group Chartered Land.
Gunne joins Chartered Land from Key Capital Real Estate, where he was co-founder and managing director having previously worked with CB Richard Ellis in Ireland after returning from London in 2003 to set up its overseas investment department.
Over the last 15 years, Gunne has been responsible for sourcing, structuring, financing and executing property transactions worth in excess of £3bn in 40 commercial property transactions throughout Ireland, the UK and Continental Europe.
Chartered Land has been working with the National Asset Management Agency (NAMA) for the past four years on an agreed deleveraging plan with significant asset sales to date including No 2 Grand Canal Square, 32-35 South King Street and 1-8 Chatham Court Dublin 2, together with the sale of its investment portfolio in the UK.
In addition to this, Castlethorn Construction, a Chartered Land related entity and one of the longest established residential property development companies in Ireland, is also working with NAMA to deliver new homes for the Dublin market.
Castlethorn has recently commenced building the second phase of residential units at its Lansdowne Old Wesley site at Stepaside, Dublin 18.
Founded in 2003, Chartered Land is one of Ireland’s most experienced property development and investment platforms.
It is responsible for delivering some of the most prestigious and innovative real estate in Ireland including the Dundrum Town Centre, the Bord Gais Energy Theatre, the Grand Canal Square office scheme in the heart of Dublin’s docklands and the mixed-use retail led development on South King Street Dublin 2.
The group’s portfolio also includes ownership interests in the Swords Pavilions Shopping Centre and the ILAC Centre on Henry Street, Dublin 1.
NAMA has entered the final phase of its lifecycle with the launch of a €7.5bn development programme aimed at bringing forward 4m sq ft of commercial space in Dublin Docklands and 20,000 new homes in Dublin and other areas of strong demand in tandem with joint venture partners, writes Paul Norman.
As a first phase of the programme, which sees NAMA move from operating as an asset management agency (AMA) managing defaulted loans to operating as a proactive developer, creating value and establishing a positive legacy for the built environment in Dublin and beyond in an effort to boost capital returns to the Irish taxpayer.
Today NAMA has announced plans via Savills to provide €170m to fully fund a major office-led development in Dublin’s Docklands as the first plank of its mammoth domestic development progamme.
NAMA will also seek expressions of interest from joint venture partners n the New Year.
NAMA said the residential programme will require total funding of €5.6bn with peak funding expected to be €1.8bn. The proceeds from the sale of completed projects will be recycled to fund new commercially viable projects. The Docklands development programme will require total funding of €1.9bn with peak funding up to €500m.
In an effort to de-risk these programmes and to maximise the contribution of the alternative funding, development and construction sectors, NAMA said it will look for jv partners interested in the co-funding and construction of projects. With that in mind, NAMA will formally seek, in January 2016, ‘expressions of interest’ from potential partners for its residential delivery programme.
In line with NAMA’s obligations under Section 10 of the NAMA Act, all projects will be required to pass a stringent commercial viability threshold before NAMA approves funding.
The Agency said it will explore appropriate financing options for each site to establish the best financing mechanism specific to each. These options include NAMA funding all of the construction work required; co-funding with other lenders; or establishing project-specific joint ventures with major investment or construction groups. NAMA will also work with non-NAMA building platforms.
The funding programme is expected to generate up to 30,000 jobs when construction is at its peak and deliver commercial space equivalent to approximately double the original IFSC.
NAMA said it is confident that the new programmes will not affect its plan to redeem all of its senior debt by 2018 and its subordinated debt by 2020. Current projections indicate that the programmes are likely to increase NAMA’s projected surplus at wind up from the currently estimated €1.75bn to €2bn which will be transferred to the Exchequer when NAMA completes its work.
The announcement was made today at the formal launch of NAMA’s funding programme in Dublin, which was attended by Minister for Finance Michael Noonan TD and Minister for Public Expenditure and Reform Brendan Howlin TD, and hosted by NAMA Chairman Frank Daly and NAMA Chief Executive Brendan McDonagh.
As a first project, Mark Reynolds of Savills confirmed that full funding (€170m) had been made available by NAMA for the development of ‘Boland’s Quay’ at the former Boland’s Mill site in the docklands.
Last December Reynolds – the appointed receiver over the iconic Dublin site – submitted a planning application for the development of almost 30,000 sq m of offices for approximately 2,300 workers, 42 apartments, shops, cafes, restaurants and a number of new public squares and plazas. The plans were approved by Dublin City Council in July.
Reynolds commented: “The development of Boland’s Quay is now full steam ahead. We are delighted with NAMA’s commitment to funding its construction, as it enables us to move forward with the certainty that our plans for the site will come to fruition. This will be the most significant construction project this city has seen over the past 10 years and it has been supported by the SDZ fast-track planning scheme introduced by Dublin City Council, which has seen us bring the project from planning stages to development in less than a year.”
The scheme designed by Dublin architect Burke Kennedy Doyle, is expected to take over two years to full completion.
Reynolds concluded: “We need to ensure that we continue to attract the biggest players in global business to Dublin – providing the quality office and residential accommodation which will be seen at Boland’s Quay is paramount to that.”
Making the wider announcement today, Michael Noonan, Minister for Finance, said: “NAMA’s commitment to the Dublin Docklands SDZ combined with its efforts to provide much needed supply of residential units will continue to encourage Start-Ups and Multi-Nationals alike to have confidence in identifying Dublin as the home of choice for their businesses and will allow us to continue to punch above our weight in the global competition to attract and retain talent.
“On the residential side, today’s launch follows on from an announcement I made in my Budget speech that NAMA would be in a position to provide 20,000 additional housing units by 2020. This, in addition to the housing package announced recently by Minister Alan Kelly, demonstrates this Government’s commitment to addressing the housing shortage which is particularly evident in the greater Dublin area.
“I want to take this opportunity to thank the entire NAMA team for its continuing and tireless efforts to bring about such an important contribution to the recovery of the State.”
Brendan Howlin, Minister for Public Expenditure and Reform, said: “I commend NAMA for taking this considered commercial decision which will ultimately benefit the taxpayer. It is welcome both in terms of the Housing and Commercial Development resulting from these programmes and in terms of the enhanced return to the taxpayer these programmes will secure.
I look forward to seeing the SDZ come to life. I also look forward to the positive impact on the housing market your residential funding programme will have. Judging by today’s presentations, both will be remarkable achievements.”
Frank Daly, NAMA chairman, said: “NAMA has committed itself to funding the delivery of much-needed office space and quality homes and, in doing so, it hopes to leave a lasting and positive legacy for the coming decades.”
We are proud to be in a position to use NAMA’s unique blend of property and financial expertise, funding capability and scale to benefit the taxpayers the Agency was set up to serve.”
Brendan McDonagh, NAMA Chief Executive, said: “We are making the Dublin Docklands a better place to live, work, invest and create jobs and are on track to make a significant contribution to delivering large numbers of quality new homes where people need them.
This is an ambitious commercial programme but we are confident that we can deliver. We look forward to building on our successful track record of creating significant value for the taxpayer and asset managing our secured assets in the best way possible.”
Key features of Dublin Docklands SDZ programme
• 15 major new city blocks
• Almost 4m sq f of offices
• 66,000 sq ft of shops
• 2,000 homes
• 13,000 sq ft of restaurant (in schemes granted permission)
• 18,000 sq ft of new cultural and community space and high-quality civic plazas (in schemes granted permission or where planning has been submitted)
• one major new street
• Building cross-river access to DART rail line from North Dockland
• Building cross-river access to LUAS tram network from South Docklands
• Ireland’s biggest-ever student accommodation block
• Dublin’s tallest office block