In April 2010, Moor Park Capital Partners LLP advised ISC Freshwater on the €403 million sale and simultaneous leaseback of 378 real estate properties with 25 year leases, of which the vast majority were bank branches with Banco Sabadell, Spain’s sixth largest bank. Moor Park through its lending relationships was able to bring together a consortium of 8 lending banks for the required senior debt alongside a mezzanine provider. This transaction was closed within a space of 5 weeks from being granted exclusivity.
The Assets perfectly matched Moor Park’s investment criteria as credit sale and leasebacks supported by strong covenants remain a key investment focus for Moor Park and its investors. Spain continues to be a market in which Moor Park wishes to increase its investment focus and we have allocated significant equity capital to such transactions with a view to increasing our exposure in this market.
As part of Moor Park’s active asset management strategy we have sold a number of assets from within the original portfolio which has allowed us to maximise equity value returns for investors while also deleveraging the transaction.
Accor
Moor Park Capital Partners LLP announced the completion of a landmark acquisition in the hospitality sector. On 29 June 2007, Moor Park Real Estate Fund I and II closed the purchase of 72 hotels in Germany and 19 in the Netherlands from Accor SA.
Accor and Moor Park Real Estate have entered into a long term partnership to manage an extensive €93 million renovation program and property repositioning in Germany and the Netherlands, co-financed by landlord and Accor, and are looking forward to development initiatives in the future.
Merrill Lynch International and Société Générale Corporate & Investment Banking acted as joint mandated lead arrangers for this transaction under which Accor will continue to lease and operate the 91 hotels under a variable lease structure.
Future Pipeline Moor Park has a significant pipeline of investments across Europe.
Moor Park is currently evaluating a number of investment opportunities across a variety of geographies and real estate backed sectors.
Max Bahr
Moor Park Capital Partners LLP has advised Moor Park Holdings Lux Co on the acquisition of the Max Bahr property portfolio located throughout Germany (PropCo) for an undisclosed amount. The transaction was linked to the acquisition of the Max Bahr operating business (OpCo) by Praktiker, the second largest Do-It-Yourself retailer in Germany.
Transaction close occurred at the end of January 2007 following merger control clearance.
PropCo owns a real estate portfolio that consists of a core portfolio of 65 DIY stores, which are let to OpCo on a long-term triple net basis. The leases are guaranteed by Praktiker’s listed parent vehicle. The non-core portfolio of 27 assets comprises DIY stores let to Praktiker on five year leases or shorter, properties rented out to third parties, and development sites.
This transaction meets Moor Park’s strategy of advising on investments in corporate divestitures of real estate let to strong tenants. Furthermore there is a high upside potential through pro-active property management of the non- core portfolio and the transaction presents the opportunity to become a real estate partner for Praktiker going forwards.
In April 2010, Moor Park Capital Partners LLP advised ISC Freshwater on the €403 million sale and simultaneous leaseback of 378 real estate properties with 25 year leases, of which the vast majority were bank branches with Banco Sabadell, Spain’s sixth largest bank. Moor Park through its lending relationships was able to bring together a consortium of 8 lending banks for the required senior debt alongside a mezzanine provider. This transaction was closed within a space of 5 weeks from being granted exclusivity.
Moor Park Capital Partners LLP announced the completion of a landmark acquisition in the hospitality sector. On 29 June 2007, Moor Park Real Estate Fund I and II closed the purchase of 72 hotels in Germany and 19 in the Netherlands from Accor SA.
Moor Park Capital Partners LLP has advised Moor Park Holdings Lux Co on the acquisition of the Max Bahr property portfolio located throughout Germany (PropCo) for an undisclosed amount. The transaction was linked to the acquisition of the Max Bahr operating business (OpCo) by Praktiker, the second largest Do-It-Yourself retailer in Germany.