UK investment banking and private equity group Evans Randall said on Tuesday that a refinancing deal worth £153 mln (EUR 202 mln) with German bank HSH Nordbank has enabled it to return about 24% of the original investor equity used to acquire the Cisco Systems headquarters near Heathrow in 2006.
UK investment banking and private equity group Evans Randall said on Tuesday that a refinancing deal worth £153 mln (EUR 202 mln) with German bank HSH Nordbank has enabled it to return about 24% of the original investor equity used to acquire the Cisco Systems headquarters near Heathrow in 2006.
Under the refinancing agreement, investors will receive a repayment of a substantial proportion of the funds they invested, but will continue to own the same proportion of the asset. Michael Evans, chairman and CEO of Evans Randall, said: 'This refinancing gives us the opportunity to deliver very impressive cash benefits to our co-our investors within a relatively short timescale, and was achieved during a significant downturn in the UK commercial real estate market'.
'We continue our ongoing acquisition programme, with our recently launched a £1 bn opportunities fund focusing on high-quality London assets. By the end of this week the fund is expected to have acquired some £300 mln of assets since its inception in January 2008', he added.
Additionally, the company has recently established a 'European Properties Fund', which has acquired three prime assets in Amsterdam, Brussels and Munich for a total acquisition cost of about EUR 700 mln. Evans Randall was advised by CB Richard Ellis.
