A joint venture of Pears Group and Development Securities has completed the acquisition of the Chrome portfolio from Ireland's National Asset Management Agency (Nama). The transaction price amounts to £103 mln (EUR 130 mln).
A joint venture of Pears Group and Development Securities has completed the acquisition of the Chrome portfolio from Ireland's National Asset Management Agency (Nama). The transaction price amounts to £103 mln (EUR 130 mln).
The Chrome package comprises loans secured against 39 investment and development assets, including several Central London residential properties which account for circa 65% of the portfolio by value. The remainder consists of neighbourhood retail schemes anchored by Tesco convenience stores and further residential, high street retail and commercial assets.
The partnership said it will realise the repayment of the loans through the sale of a number of the assets as well as actively repositioning several properties through change of use, refurbishment works and other asset management initiatives.
This is the second deal that Development Securities has completed with Nama this year following the acquisition of Wick Lane Wharf, a 112-unit live/work block in Hackney Wick which it acquired in joint venture with Realstar in April 2012.
Development Securities has taken a minority stake in the partnership. 'Since our equity raises in 2009 and 2010, we have completed several deals with the banks including Lloyds Banking Group and Barclays,' said CEO Michael Marx. 'This latest acquisition with the Pears Group, a highly respected institution and partner, is a strong portfolio deal with opportunities to add value by applying our development and investment expertise.'
