commercial property lambert smith hampton

News - 06/06/2014

LSH advises Cerberus on £352m debt portfolio acquisition

Lambert Smith Hampton (LSH) has successfully advised Cerberus Capital Management on its £352m acquisition of Lloyds Banking Group’s Project Avon portfolio of loans.

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Ezra Nahome, CEO of LSH, said: "The sale represents the latest major acquisition of a non-performing loan deal we have advised Cerberus on in the last year, following the purchase of the £4.5bn Project Eagle portfolio in April and the £375m Project Thames portfolio in 2013."

Portfolio of 268 assets

The portfolio was valued at £536m and was purchased at a discount close to 34%. The portfolio’s 268 assets comprise a vast array of asset classes across Scotland, London and the east of England. The assets comprise residential properties, including a PRS development site, offices, mixed-use properties, retail, industrial, a marina and car showrooms.

Cerberus beat off competition from two US-based bidders.

Advised on over £25bn of distressed debt portfolios

Ezra added: "We provided strategic advice, utilising our thorough understanding of the local markets to give detailed valuations of assets. This allowed Cerberus to quickly gain an understanding of the risk and value options on the assets."

"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."

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