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At a glance
GRE Capital, agreed a 12 month senior facility of £17.34m secured by a first ranking charge over a granular portfolio of 76 properties, comprising 51 commercial and 25 residential assets. The facility enabled the borrower to acquire family shareholdings and consolidate control. An updated Knight Frank valuation of £26.9m underpinned sensible leverage.
The brief
Following the passing of the founder, the siblings agreed a settlement to simplify ownership. Topaz UK Developments, owned by the ultimate borrower, needed to acquire 42.8 percent of the shares in the main holding entity to take control and then implement asset management and selective disposals across the portfolio.
The GRE solution
GRE Capital structured a secured senior facility with first ranking legal charges across the portfolio, a debenture and a share charge. Interest was cash paid with a 12 month term, giving the borrower time to complete the restructure and commence the value enhancement plan while maintaining prudent covenants linked to the independent valuation.
The outcome
The borrower consolidated ownership and commenced asset management to improve income and value, with refinance to conventional term debt expected following execution of the plan. The diversified income profile and conservative LTV supported a straightforward exit route.
