Our client is acquiring a portfolio of 8 serviced office assets throughout the UK totalling 198,125 sq ft of space. Our client has a senior facility at 40% LTV and is looking for a mezzanine piece to provide him with gearing of 67% LTV overall.
Investment amount: £10.5 million
Coupon: 20%
Term: 5 years
Portfolio value: £38m (Knight Frank & Savills)
Purchase price: £38m (purchase and vendor have agreed that PP will be at Red Book valuation)
Tenant: POH (UK) Limited (commonly known as ‘Premier’, NAV £26m & very experienced and demonstrable management)
Lease length: 19 years ending 2028
Rental income: £3,261,000 (£16.46/sq ft)
Net initial yield: 8.58%
Rental uplift: guaranteed (annual uplifts at the greater of 3% and RPI)
Requirement: £10.5m in exchange for a 20% coupon payable quarterly in arrears.
Security: second charge on all 8 assets (75% LTV)
Contact: James Thomlinson (james@redchilli.com / 020 7780 6563)
For more detailed information on all the current opportunities
download the full PDF document below.
(PDF 1.8MB)
For more information on these or any other details please contact us at 0845 210 5000 or info@redchilli.com
Red Chilli Structured Finance, Minories House, 2-5 Minories,
London EC3N 1BJ,
United Kingdom
