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28 Aug 2012 07:00
28th August 2012
Pears Group and Development Securities PLC complete acquisition of Chrome portfolio from NAMA for £103 million
Development Securities PLC in joint venture with the Pears Group today announces that it has completed the £103 million acquisition from NAMA of a portfolio of loans secured against 39 investment and development assets. The Chrome portfolio includes several Central London residential properties which account for circa 65% of the portfolio by value with the remainder consisting of neighbourhood retail schemes anchored by Tesco convenience stores and further residential, high street retail and commercial assets.
The partnership 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.
Jonathan Rose, Group Managing Director of Pears said "We are delighted to have completed this complex loan transaction secured on a quality portfolio of assets and wish to acknowledge the proactivity and certainty that NAMA brought to this process. We look forward to working with the excellent management team at Development Securities."
Michael Marx, Chief Executive, Development Securities said: "The Chrome deal underlines our reputation and track record as a trusted partner on complex and lengthy transactions of this nature. Since our equity raises in 2009 and 2010, we have completed several deals with the banks including Lloyds Banking Group and Barclays. 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."
For further information, please contact:Michael Marx/Lucy Grimble, Development Securities PLC 0207 828 4777
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