PROJECT
Maya Capital LLP is a specialist real estate investment firm. This acquisition was the largest they have made to date and the first under their new Iberian platform, targeting residential and commercial real estate opportunities.
The portfolio comprised seven mainly residential properties, spread across multiple locations in Lisbon city centre. The assets were to be acquired largely vacant, with planning permission to be submitted in due course to allow for an extensive refurbishment programme.
CHALLENGE
The longstop date to secure debt was extremely tight, due to a material increase in the acquisition price should the acquisition close beyond the longstop date.
The size of the portfolio halved during the process, based on the concerns of the sponsor’s equity investor regarding acquiring the full portfolio. There were also numerous changes during the process to the acquisition price and capex estimates.
SOLUTION
Savills Debt Advisory ran a comprehensive debt process to seek the most suitable and competitive debt package for the sponsor. We provided the sponsor with financing solutions from both institutional capital and domestic banks, allowing a comparison between the different structures available.
We worked in conjunction with the Savills Lisbon office, who advised on the local market and provided rental and investment data to help position the opportunity to prospective lenders.
RESULTS
A €52m facility to support an acquisition and subsequent capital expenditure programme. The acquisition was the largest that Maya Capital had made to date.