CHALLENGE
A joint venture between Alberta Investment Management Corporation (AIMCo) & Canmoor had a funding requirement to support the acquisition of two portfolios, together comprising 16 UK Industrial and Logistics assets.
AIMCo is a Canadian Investment Manager with c. CAD $119bn assets under management and Canmoor is a specialist developer and asset manager of Logistics and Office assets.
One portfolio to be acquired consisted of 10 high quality, multi-let Industrial assets, with the other a portfolio of prime mid-box Logistics assets, both in well-established UK locations.
There were tight timescales involved, as the debt was required in order to ensure the acquisition of the portfolio.
SOLUTION
We were mandated to run a comprehensive debt process to seek the most suitable and competitive debt package for the JV, following their initial attempts at financing the portfolio.
AIMCO had been discussing this transaction with a number of banks prior to our involvement, but as the deal was larger than one bank could finance they were increasingly getting dragged to the lowest common position by the lenders.
We were able to run a very quick process across the larger non-bank lenders and within three weeks we had a fully approved term sheet from AVIVA. We were then closely involved in advising our client through to closing, again in a very tight timetable.
RESULTS
Savills delivered a fully approved term sheet within 3 weeks and secured our client a single lender solution that facilitated the acquisition of the portfolios.