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Funding
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Senior Debt Refinancing, Single Tenant Retail Portfolio, UK

West Midlands
,
United kingdom
DEAL
001084
POSTED ON
September 16, 2020
INVESTMENT SUMMARY
IRR
TBC
Multiple
NA
LTV
65%
First Year CoC
7.2
Stabilised CoC
7.2
Status
Funding
Deal #
001084
Asset Class
Retail
Strategy
Core
Capital Type
Senior Debt
Deal Size
£
55.0
m
Investment Size
£
35.8
m
Holding Period
3 Years
INVESTMENT HIGHLIGHTS
  • Portfolio containing 5 retail centres leased to a single tenant. The tenant is a public company, one of the largest supermarket chains and retail brands in the UK with revenues exceeding £10bn per annum.
  • The assets are premium buildings located in the commercial districts of the following cities in West Midlands: Altrhincham, Chesterfield, Halifax, Sutton and Wolverhampton.
  • The population of the cities where the assets are located range from 50,000 inhabitants in Sutton to over 210,000 inhabitants in Wolverhampton. Total population across the 5 cities in the portfolio is over 500,000.
  • The portfolio currently generates a total of £3.6m of triple net annual rent with a 2% rent increase per annum. The WAULT is 6.5 years with a renewal option of 40 years with 15 years break clause to OMRV.
  • The senior debt in the portfolio is currently at 65% LTV and expiring in July 2021. The Sponsor is looking for a lender that will be able to refinance and replace the existing senior debt. The Sponsor is a well funded investment firm.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Seasoned Sponsor
The Sponsor is a Private Bank from the Middle East with over £2bn of AUM with various investments across the UK and Europe.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Core
Asset Class
Retail
LTV
65%
Deal Size
£
55.0
m
Closing
Dec 2020
Capital Type
Senior Debt
Investment Size
£
35.8
m
Net IRR
TBC
Multiple
NA
Holding Period
3 Years
INVESTMENT DETAILS
  • Portfolio containing 5 retail centres leased to a single tenant. The tenant is a public company, one of the largest supermarket chains and retail brands in the UK with revenues exceeding £10bn per annum.
  • The assets are premium buildings located in the commercial districts of the following cities in West Midlands: Altrhincham, Chesterfield, Halifax, Sutton and Wolverhampton.
  • The population of the cities where the assets are located range from 50,000 inhabitants in Sutton to over 210,000 inhabitants in Wolverhampton. Total population across the 5 cities in the portfolio is over 500,000.
  • The portfolio currently generates a total of £3.6m of triple net annual rent with a 2% rent increase per annum. The WAULT is 6.5 years with a renewal option of 40 years with 15 years break clause to OMRV.
  • The senior debt in the portfolio is currently at 65% LTV and expiring in July 2021. The Sponsor is looking for a lender that will be able to refinance and replace the existing senior debt. The Sponsor is a well funded investment firm.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to participate in the refinancing of the senior debt of this premium portfolio across the West Midlands in the UK. The portfolio consists of 5 assets distributed across Tier 2 cities in the West Midlands. The Sponsor is looking to refinance this portfolio with a new lender. The portfolio is occupied by the same tenant, one of the largest supermarket chains and retail brands in the UK.
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