- Net Proceeds Expected to Fully Cover Outstanding Principal and Interest on A-Note -
LONDON, Dec. 19, 2014 /PRNewswire/ -- Hatfield Philips International ("HPI"), a leading NPL and debt advisory firm with best-in-class loan servicing capabilities, today confirmed the sale of the 127 properties that comprise the Treveria Silo E Portfolio (the "Portfolio"). The sale remains subject to certain approvals, which are expected shortly. The net disposal proceeds from the sale of the Portfolio, whose assets secure the Orange Loan ("the "Loan") in the Talisman-6 Finance securitisation, are expected to fully repay the amount of principal and interest outstanding on the A-Note and partially repay the amount outstanding on the B-Note.
"We are very pleased with the outcome of this transaction" said Blair Lewis, Chief Executive Officer of Hatfield Philips. "Given the nature of the assets and their attractive lease profile, the Portfolio received considerable interest resulting in a final price that will enable us to maximise proceeds to noteholders. This result underscores our recommended strategy to take control of the assets through a lender led insolvency and collaborate with the Dutch and German Insolvency Administrators to workout the Loan."
"The current market environment allows us to sell portfolios at a premium over single asset prices, if the transactions are carefully prepared and presented to investors and lenders with high-quality data on the underlying assets and markets," said Wilhelm Hammel, Director and Head of NPL Advisory at Hatfield Philips. "In regards to this transaction, we worked diligently to clean-up the Portfolio through the sale of problematic assets and created a comprehensive data room with thorough documentation on each asset."
The sale of the Portfolio, which consists primarily of city centre retail assets in A and B locations spread throughout Germany, comes after an extensive marketing process led by Jones Lang LaSalle (JLL) at the directive of HPI together with the German and Dutch Insolvency Administrators. Corpus Sireo Real Estate ("Corpus Sireo") was appointed Asset Manager shortly after the opening of the insolvency and stabilised the Portfolio. Together with incumbent Property Manager IC-Immobilien Group, Corpus Sireo established an electronic data room with approximately 50,000 documents. Assets in the Portfolio include the Gloria Galerie on Kurfurstendamm in Berlin, shopping centres in Wilhelmshaven and Solingen, and department stores in Bruhl, Euskirchen and Koblenz.
About Hatfield Philips International Ltd.
Hatfield Philips International ("HPI"), together with LNR Europe, is a leading NPL and debt advisory firm with best-in-class loan servicing capabilities. From NPL underwriting to co-investing to helping lenders execute on debt strategies, HPI is uniquely positioned to deliver multiple layers of value to a wide range of debt market participants. HPI accomplishes this by leveraging a highly seasoned team of real estate finance, workout, debt servicing, and client service specialists. Founded in 1997 on the principles of trust, integrity and providing the highest levels of customer service, HPI has the experience and capabilities to partner with clients to achieve their business and investment objectives. HPI is a subsidiary of LNR Property, a United States-based real estate investment, finance, management and development firm, which was acquired by Starwood Property Trust in April 2013. For more information please visit us at http://www.hatfieldphilips.com/.
Starwood Property Trust
SOURCE Hatfield Philips International