commercial property lambert smith hampton

News - 04/04/2014

LSH advises Cerberus on £4.5bn debt portfolio acquisition

Lambert Smith Hampton (LSH) has successfully advised Cerberus Capital Management on its £4.5bn acquisition of Ireland’s National Asset Management Agency’s Project Eagle portfolio of loans.

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Sold in an incredibly short time frame

Ezra Nahome, CEO of LSH, said: "This was a vast portfolio sale of 900 assets sold in an incredibly short time frame. The sale represents NAMA’s biggest single transaction to date."

The portfolio’s 900 assets comprise a vast array of asset classes including residential, retail, offices, hotels and industrial properties that are spread across Northern Ireland, the Republic of Ireland, UK and mainland Europe, with all borrowers based in Northern Ireland. The largest asset in the portfolio is the 412,000 sq ft Gyle Shopping Centre in Edinburgh.

Cerberus beat off competition from PIMCO and a number of other bidders from the United States and Europe.

Our second major non-performing loan deal for Cerberus

Ezra added: "This is the second time we have advised Cerberus on a major non-performing loan deal, following the acquisition of the £375m Project Thames portfolio in 2013. The sale of distressed debt portfolios is becoming the fastest growing area of capital markets. Our team has advised on over £25 billion of distressed debt portfolios to date and we are ideally placed to benefit from this growing market.

Mobilised quickly to provide strategic advice

"Our approach was based on mobilising quickly to provide strategic advice and due diligence, conducting a detailed review of each asset and its local market. We used our thorough understanding of the local markets to provide detailed valuations of assets. This allowed Cerberus to quickly gain an understanding of risk and value options on the assets."

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