CHALLENGE
Savills Capital Advisors (“SCA”) advised Generation Partners LLP in partnership with Reshape Land Limited (together the “Client”) on the formation of a London based Co-Living Joint Venture (“JV”) vehicle targeting a £750m Gross Development Value (“GDV”) portfolio and acquisition financing of the seed asset.
SOLUTION
SCA Corporate Finance ran a targeted marketing process, identified a list of potential capital partners, completed the financial underwrite for the acquisition of an initial pipeline (1,108 beds, £330m total GDV) and supported negotiation and management during the JV formation.
The SCA Debt Advisory team supported in tandem, approaching both bank and non-bank lenders, driving a competitive process to secure preferable acquisition financing was secured for the initial seed asset, (c.£42m facility size).
RESULTS
SCA generated significant interest from prospective capital partners and lenders. SCA negotiated preferable terms for our Client, successfully advising on the formation of the JV with Crosstree Real Estate Partners and sourcing acquisition financing from Baring International in a timely manner.