We were approached by the owner of a mixed use investment who as a result of the recent fall in values was under pressure from their lender to sell the property and redeem as much of the existing facility as possible. Our client was keen to retain control of the property if possible and engaged us to identify a joint-venture partner who could support him with his bid.
- Working with the sponsor to analyse the potential value of the asset in light of his business plan and in the context of the additional capex requirements that were needed.
- Sponsor’s preference was to partner with private rather than institutional capital so we approached 3 private family offices with the opportunity.
- All were interested and 1 was selected whose offering was attractive both from an economic and cultural perspective.
- Heads of terms were agreed before the parties went out to secure the property.