Colony Capital has exchanged contracts to buy the remaining Gemini UK commercial property portfolio for £311 mln (€423 mln).
Colony Capital has exchanged contracts to buy the remaining Gemini UK commercial property portfolio for £311 mln (€423 mln).
Colony has emerged as the buyer of all the 24 UK regional properties securing the loan held by the Gemini Eclipse 2006-3 CMBS.
Colony made a £15.5 mln deposit and is expected to close the deal on December 10, according to a filing with the London stock Exchange.
CBRE Loan Servicing and Deloitte mandated CBRE earlier this year to sell the remaining assets of the Gemini CMBS loan for a price believed to be over £300 mln. The portfolio was last valued at £279 mln in March 2015.
The Gemini (Eclipse 2006-3) PLC loan has an unpaid balance of £850 mln, £570 mln of which in the Class A. This means the price paid by Colony will only cover part of the investment made by the Class A noteholders.
The portfolio includes office, retail and leisure assets with an annual rent roll of £29.25 mln and an average weighted unexpired lease term to break of 6.06. The portfolio has a vacancy rate of 6.87%.
