CASE STUDIES
Our specialist team has financed more than £10bn of real estate transactions over the years and has a proven track record of success across all sectors of the market. Here are some recent Case Studies…
RETAIL WAREHOUSE £20m I 2022
- ASSET RETAIL WAREHOUSE
- LOAN AMOUNT £20m
- YEAR 2022
- CLIENT ALTERNATIVE INVESTMENT FUND
We were engaged to secure a new loan to refinance a multi-let warehouse retail asset in Romford, UK.
The site has potential for redevelopment into a large residential scheme.
Our client had managed the property well since acquisition, having negotiated new leases and re-gearing of existing leases with a group of strong tenants.
We run a competitive process which resulted in multiple bids for the financing.
The loan was structured to reflect the client’s business plan and to minimise hedging costs in face of the volatility of the UK interest rate environment at the time of closing the transaction.
FILM AND TV STUDIO £36m I 2022
- ASSET FILM AND TV STUDIO
- LOAN AMOUNT £36m
- YEAR 2022
- CLIENT UK PROPERTY DEVELOPER
Our client converted an existing office and logistics asset in North London to one of the city’s leading film studio complexes.
After the asset had 1 year of trading history we were engaged to refinance an acquisition bridge facility with a lower cost facility and release some capital.
The recent growth in occupational demand for the TV and film studio sector allowed us to run a highly competitive process with a number of lenders who were looking to back a highly credible sponsor and gain exposure to this emerging asset class.
RESIDENTIAL DEVELOPMENT
- ASSET RESIDENTIAL DEVELOPMENT
- GDV £100m
- YEAR 2022
- CLIENT HOUSE BUILDER
We were engaged by a joint venture between Galliard Homes and award – winning Midlands based house builder Wavensmere Homes to arrange a peak debt facility for the development of 438 houses and apartments at Belgrave Middleway, Birmingham.
We secured a very positive outcome for our client, arranging a highly competitive facility that was structured in a way to provide certainty of funding and delivery of the scheme.
RESIDENTIAL DEVELOPMENT
- ASSET RESIDENTIAL DEVELOPMENT
- GDV £60m
- YEAR 2022
- CLIENT WAVENSMERE HOMES
Our client Wavensmere Homes, is an award winning midlands based residential developer based.
We were mandated to provide a peak debt facility for the development of 341 houses and apartments in Nightingale quarter, Derby.
After much competition we achieved a very positive outcome for our client that materially exceeded their expectations. We secured a peak debt facility with a fixed rate lender on a highly attractive rate particularly given the rising interest rate environment.
PBSA £11M I 2022
- ASSET PBSA
- LOAN AMOUNT £11M
- YEAR 2022
- CLIENT OVERSEAS INVESTORS
BBS Capital were engaged to secure acquisition financing to support the purchase of a purpose-built student accommodation (PBSA) property.
This was the Sponsor’s first investment in PBSA, and they are looking to pursue an aggregation strategy in the sector.
The loan was competitively priced, allowing the Sponsor to lock-in a fixed funding rate below 4.0% p.a., against the backdrop of a volatile interest rate environment.
INDUSTRIAL PORTFOLIO £23m I 2022
- ASSET INDUSTRIAL PORTFOLIO
- LOAN AMOUNT £23m
- YEAR 2022
- CLIENT PRIVATE INVESTMENT GROUP
Our client purchased 2 regional industrial assets in Wakefield, West Yorkshire.
We were engaged to secure a highly leveraged investment facility to fund the acquisition of the assets and the capex required to execute the sponsor’s business plan.
The facility was structured in a way to accommodate further acquisitions given the sponsor’s ambition to aggregate a portfolio of similar assets in key industrial hubs around the UK.
Life sciences £23M I 2022
- ASSET LIFE SCIENCES
- LOAN AMOUNT £23M
- YEAR 2022
- CLIENT PRIVATE EQUITY GROUP
We were engaged to secure an acquisition facility for our client’s purchase of an office building in Whitechapel, East London.
The facility allowed for the Sponsor to secure vacant possession of the property whilst securing planning permission to redevelop the Asset into a state of the art dry and wet lab / life sciences building.
The facility was structured in a way to provide flexibility for the Sponsor as it looks to expand its presence in the life sciences sector in specific clusters around the UK.
MIXED USE INVESTMENT £85m I 2021
- ASSET MIXED USE INVESTMENT
- LOAN AMOUNT £85m
- YEAR 2021
- CLIENT PRIVATE INVESTOR
We were instructed to refinance a high profile mixed use investment asset in zone 3 London for a private client.
The asset is let on long term leases to high quality tenants and was therefore proved a very attractive proposition for lenders.
We ran a structured, competitive process and given the quality of the income stream and the quality of the sponsor we received a number of aggressive bids.
We eventually closed the financing with Barings on terms that exceeded both our client’s and our initial expectations.
CO-LIVING LED MIXED USE DEVELOPMENT £42m I 2021
- ASSET CO-LIVING LED MIXED USE DEVELOPMENT
- LOAN AMOUNT £42m
- YEAR 2021
- CLIENT FAMILY OFFICE
Site located in Zone 2 regeneration area.
Complicated site assembly which includes a Listed Building.
Planning obtained for mixed use co-living, residential & office scheme.
We were engaged to secure a fully funded development facility to include both the new build & listed development elements.
We delivered a competitively priced facility for a relatively unproven asset class.
Regional office portfolio £42M I 2021
- ASSET REGIONAL OFFICE PORTFOLIO
- LOAN AMOUNT £42M
- YEAR 2021
- CLIENT INSTITUTIONAL INVESTOR
Our client purchased 4 regional office assets across the UK with a well diversified tenant base.
We were engaged to secure a highly leveraged investment facility to fund the completion of the acquisition and the capex required to execute the sponsor’s business plan.
The facility was structured in a way to accommodate further acquisitions given the sponsor’s ambition to aggregate a portfolio of similar commercial assets in key regional centres around the UK.
REGIONAL BTR
- ASSET REGIONAL BTR
- GDV £74m
- YEAR 2021
- CLIENT PRIVATE EQUITY
Central location within northern City consented for 365 units.
Limited comparable evidence due to only one other PRS scheme in the City.
We were mandated to arrange a construction loan with an committed investment period and commensurate margin step-down upon PC and stabilisation.
Despite the macro challenges at the time, the process was very competitive given quality of scheme and sponsor and allowed us to deliver extremely competitive commercial terms
Office & industrial complex £30M I 2021
- ASSET OFFICE AND INDUSTRIAL COMPLEX
- LOAN AMOUNT £30M
- YEAR 2021
- CLIENT UK PROPERTY DEVELOPER
Our client purchased a 5 acre site in North London, totalling 182,764 sq ft, comprising 101,870 Sqft of office and 80,894 sq ft of industrial accommodation.
We were engaged to secure a short term facility to fund the completion of the acquisition.
The site was acquired with vacant possession with a business plan to operate the asset with a focus towards occupational interest from the film and production industry.
The site also benefits from significant development potential.
Once the business plan has been proven, the short term loan will be refinanced with a term facility.
Residential / commercial investment £33M I 2021
- ASSET RESIDENTIAL/ COMMERCIAL INVESTMENT
- LOAN AMOUNT £33M
- YEAR 2021
- CLIENT UK FAMILY OFFICE
We were instructed to refinance a stabilised well located portfolio in Zone 2 London for a UK based family office.
The portfolio was predominately residential but included other commercial assets including retail and offices.
The ownership structure was complex and required the lender to provide a tailored facility allow flexibility for the borrower whilst satisfying the lender requirements.
We delivered a 10 year competitively priced facility
RETAIL – WAREHOUSE DEVELOPMENT £13m I 2021
- ASSET RETAIL – WAREHOUSE DEVELOPMENT
- LOAN AMOUNT £13m
- YEAR 2021
- CLIENT PRIVATE DEVELOPER
Development of regional retail warehouse park close to town centre.
After many years of objections developer obtained planning consent for new scheme to provide 4 retail units plus 2 food pods and electric car charging points totalling 88,821 sqft with 285 car spaces.
Partially pre-let to national multiples.
Despite the challenges of the global pandemic which had had a huge impact on the retail sector we worked with the client to secure a competitively priced development loan with a new lender to the group
FORMER RICHMOND ROYAL HOSPITAL £24m I 2021
- ASSET FORMER RICHMOND ROYAL HOSPITAL
- LOAN AMOUNT £24m
- YEAR 2021
- CLIENT UK FAMILY OFFICE
Our client acquired the Grade II listed Former Richmond Royal Hospital in 2018.
Planning permission was obtained in 2019 for a development of 56 private apartments.
A competitively priced development facility was secured.
Marylebone lane hotel development £230M I 2020
- ASSET MARYLEBONE LANE HOTEL DEVELOPMENT
- LOAN AMOUNT £230M
- YEAR 2020
- CLIENT SHIVA HOTELS
Shiva Hotels is developing a new 199-keys luxury lifestyle hotel in the crossroads between Marylebone Village and Mayfair
The hotel will be the first in a collection of 4 design-led, F&B-driven, highly curated luxury hotels being developed by the group. Opening is expected in early 2023.
We worked with the client to secure a £230m development finance loan from Cale Street and Crosstree. The loan will finance development through to Practical Completion and opening of the hotel.
The loan was closed during lockdown, a time of great uncertainty for the hospitality industry. Success of the financing is a testament to the enduring appeal of London as a tourist destination.
MIXED USE RETAIL AND INDUSTRIAL PARK DEVELOPMENT £13m I 2020
- ASSET MIXED USE RETAIL AND INDUSTRIAL PARK DEVELOPMENT
- LOAN AMOUNT £13m
- YEAR 2020
- CLIENT PRIVATE DEVELOPER
Our clients are developing a new mixed use retail and industrial park, with the development expected to deliver up to 3,782 sqm of retail floorspace and 4,246 sqm of business floorspace.
The retail aspect of the development has been pre-let to high quality tenants and forward sold to a pension fund. Practical completion of the development is expected by December 2021.
We worked with the client to secure a £13.5m development finance loan from a lender. The loan will fully finance the development through to practical completion and the sale of the retail aspect of the development.
The loan was completed in December 2020, with the partially pre-let development effectively fully funded at a time of general uncertainty in the market as tighter pandemic (COVID) related restrictions were re-introduced in the UK.
NOTTINGHAM STUDENT ACCOMMODATION £11m I 2020
- ASSET NOTTINGHAM STUDENT ACCOMMODATION
- LOAN AMOUNT £11m
- YEAR 2020
- CLIENT PRIVATE DEVELOPER
Our client purchased a 2.2-acre site in Nottingham, with planning permission for a 193,000 sq ft block totaling 703 student beds.
We were engaged to secure a bridge facility to fund the completion of the acquisition and the initial stage of demolition and enabling works for the site.
Speed to market was extremely important here and we were able to close the loan within 2 weeks of being instructed.
Blackfriars crown court £45M I 2020
- ASSET BLACKFRIARS CROWN COURT
- LOAN AMOUNT £45M
- YEAR 2020
- CLIENT UK FUND
Client had agreed to acquire these law courts in Southwark from the Ministry of Justice.
Business plan was to obtain planning and redevelop this 1.4 acre freehold site into a state of the art office led scheme
An initial acquisition facility was initially required with a development facility to be added at a later date once planning had been achieved and the development metrics fixed.
Lenders were asked to take a view that change of use from D1 would be forth coming and what massing would be achievable for the new scheme. The asset was also vacant.
After running a competitive process with a number of interest parties we closed the financing with a discreet private family office.
LONDON PORTFOLIO £56m I 2020
- ASSET LONDON PORTFOLIO
- LOAN AMOUNT £56m
- YEAR 2020
- CLIENT PRIVATE PROPCO
Refinancing of a mixed portfolio of 3 investment assets in London comprising a combination of office, student and residential uses
We were tasked with refinancing the existing senior facility (from a UK bank) and junior facility (from Nuveen) and to release further capital to fund activity elsewhere in the group.
We explored both senior/mezz and whole loan solutions and after a competitive process we settled on the latter, having received a compelling offer from a UK based debt fund.
The facility was closed during the week before lockdown was announced in the UK.
Prs tower, battersea £25M I 2020
- ASSET PRS TOWER, BATTERSEA
- LOAN AMOUNT £25M
- YEAR 2020
- CLIENT PRIVATE EQUITY
Client had acquired this newly built asset in cash and instructed us to arrange a term facility to repay its shareholder loans.
The property, located in Battersea, comprises 45 high end apartments with ground floor commercial units.
Units were in the process of being let and lender was required to take a view on the letting of the remaining vacant space.
Following a highly competitive process we secured a very attractive facility from a bank.
Closing the financing during lockdown made the completion all the more satisfying for all parties involved!
East london co-living £11M I 2020
- ASSET EAST LONDON CO-LIVING
- LOAN AMOUNT £11M
- YEAR 2020
- CLIENT LONDON BASED PROPERTY DEVELOPER
Vacant buildings, part listed with historical importance in Limehouse, East London
Planning consent obtained for a mixed use co-living led redevelopment to accommodate offices, co-living accommodation and associated facilities.
BBS was instructed to arrange a short term loan with a lender with appetite and capacity to provide the development finance in due course.
We arranged a competitively priced loan which will allow the owners to start enabling works and prepare the site for re-development later this year.
Fulham town hall £28M I 2020
- ASSET FULHAM TOWN HALL
- LOAN AMOUNT £28M
- YEAR 2020
- CLIENT UK PROPERTY DEVELOPER
London based client with extensive track record in development and refurbishment projects of ‘unique’ assets.
A loan required to finance the development of the part Grade II listed historically important buildings previously utilised as Fulham Town Hall.
The development will provide a boutique hotel with restaurant, event space and offices subject to planning. Listed building consent and public support.
A competitively priced development facility was arranged with the existing lender with the aim to start on site towards the end of the year.
W IBIZA Undisclosed I 2019
- ASSET W IBIZA
- LOAN AMOUNT Undisclosed
- YEAR 2019
- CLIENT SANTA EULALIA HOLDING
The private hotel group owner and developer of the W Ibiza instructed us to refinance the development loan we had arranged 2 years ago.
The new term facility will take out the construction loan that financed the demolition and reconstruction of the property into the modern, stylish W Ibiza hotel.
The new facility will also finance the redevelopment of 3 other properties adjacent to the hotel that will be used in part to support the operation of the hotel.
The W Ibiza is the first global luxury brand to open in Ibiza and a natural fit for the island. The 162-keys hotel has a stunning beach-front location and offers guests 3 dining concepts including the signature W Living Room, a rooftop pool & bar, night club, 4000 sf spa, FIT gym and kids club.
We structured a highly competitive whole-loan with DRC Capital, the UK debt fund, which will allow the owners to achieve stabilisation of the hotel and finalise development of the adjacent properties.
SOUTH PLAZA, BRISTOL £13m I 2019
- ASSET SOUTH PLAZA, BRISTOL
- LOAN AMOUNT £13m
- YEAR 2019
- CLIENT US PRIVATE EQUITY
Our client acquired this 7 storey, 106,600sq ft office building in Bristol in cash in 2019.
The building is c.50% occupied by the NHS – our client’s business plan is to comprehensively refurbish the vacant space and deliver back into a supply constrained market.
We were instructed to raise an investment loan with a capex tranche to enable our client to undertake the repositioning strategy it had planned.
We were able to deliver a competitively priced facility with the leverage and flexibility required with a UK based debt fund.
Wheat quarter, welwyn garden city £21M I 2019
- ASSET WHEAT QUARTER, WELWYN GARDEN CITY
- LOAN AMOUNT £21M
- YEAR 2019
- CLIENT ZM LAND
The Wheat Quarter is an 11 acre brownfield site located adjacent to the Welwyn Garden City railway station.
The site has detailed planning consent for the development of a residential-led scheme comprising 697 residential units, 114 retirement units and 130,000 sq ft of commercial space.
BBS was instructed by ZM Land & Capital to arrange a short term facility to refinance an existing loan and to release further capital to the group.
We arranged a competitively priced bridging facility with Octopus Property to meet the client’s requirements.
LES MERCURIALES TOWERS, PARIS
- ASSET LES MERCURIALES TOWERS, PARIS
- GDV £430m
- YEAR 2019
- CLIENT HOSPITALITY DEVELOPER
Full service advisory role to help client acquire two 31 storey towers in the Bagnolet district on the eastern side of Paris
The asset comprises c. 80,000 sqm of office accommodation which on acquisition is partially let to a number of tenants.
Our client’s business plan is to convert one of the towers to a hotel and conference centre and deliver comprehensively refurbished office accommodation in the other.
We advised on all aspects of the deal including arranging initial contact with the seller, negotiating commercial terms and conditions of the deal, and arranging the acquisition finance for the transaction (the terms of which are confidential).
OPERATING CARE HOME PORTFOLIO £13m I 2019
- ASSET OPERATING CARE HOME PORTFOLIO
- LOAN AMOUNT £13m
- YEAR 2019
- CLIENT JOINT VENTURE
JV partnership formed to acquire a mid-market operating care home portfolio located across the UK, predominantly in the south-east.
The partnership will inject equity to modernise the homes and increase occupancy across the portfolio.
BBS Capital was instructed to arrange an investment facility to assist in the acquisition of the portfolio.
The challenge was to engage with a lender that understood the repositioning strategy as well as the wider care market, a sector that isn’t always looked upon favourably.
We were able to negotiate a competitive facility for our client at c. 63% LTV over a 5-year term.
We also negotiated the flexibility of staged covenants and a 24-month interest only period to allow our clients the freedom to deliver their strategy.
HOCKLEY MILLS, BIRMINGHAM £10m I 2019
- ASSET HOCKLEY MILLS, BIRMINGHAM
- LOAN AMOUNT £10m
- YEAR 2019
- CLIENT BLACKSWAN DEVELOPMENTS
Blackswan Developments is a dynamic property company that specialises in large scale PRS, mixed use developments and heritage sites.
Bridging finance was required to assist in the acquisition of Hockley Mills, a 4-acre site in Birmingham’s Jewellery Quarter that Blackswan had acquired subject to planning in 2017.
The development will consist of 6 unique residential buildings comprising of circa 390 units, each with their own style and design, and a 7th office building. The development will house a collection of bars, restaurants and retail, all finished to a high specification.
The value of the property with the benefit of planning had risen substantially from the initial purchase price and whilst the LTV of the facility we delivered was modest the LTC was extremely high.
We also negotiated the flexibility to allow site enabling works to be undertaken during the loan and prior to development commencement.
MIXED RESIDENTIAL & COMMERCIAL PORTFOLIO £17m I 2019
- ASSET MIXED RESIDENTIAL & COMMERCIAL PORTFOLIO
- LOAN AMOUNT £17m
- YEAR 2019
- CLIENT UK FAMILY OFFICE
Refinance of a mixed Zone 2 & 3 portfolio of studio flats and retail units.
Well located secondary portfolio comprising of numerous buildings in multiple locations.
The clients requirement was for a flexible, finely priced facility on an interest only basis.
Strong cashflow and an experienced borrower enabled us to arrange a very competitively priced loan on a 5 year interest only basis despite the number of assets in the portfolio.
DALSTON JUNCTION £16m I 2019
- ASSET DALSTON JUNCTION
- LOAN AMOUNT £16m
- YEAR 2019
- CLIENT UK PROPERTY DEVELOPER
London centric developer with a substantial commercial and residential property portfolio.
Refinance and consolidation of multiple facilities on to a new facility to release capital for future acquisition and development.
3 interconnected residential apartment buildings surrounding a central courtyard in Dalston consisting of 63 apartments in total.
We negotiated a highly competitive long term investment facility with a gilt based lender to take advantage of the lower long term gilt rates vs swap rates.
STAYBRIDGE SUITES LONDON & HOLIDAY INN LONDON, BATH ROAD, HEATHROW £55m I 2019
- ASSET STAYBRIDGE SUITES LONDON & HOLIDAY INN
- LOAN AMOUNT £55m
- YEAR 2019
- CLIENT LUX PROPCO
Refinance of a development facility on a term loan for the newly completed 600 room hotel & suites from IHG, divided into Staybridge Suites and Holiday Inn
Prime location on Bath Road close to all terminals with large surface car park.
The brief was to arrange a competitively priced term loan despite the hotels having no trading history.
A new 3 year facility was delivered with a ratcheted pricing structure aligned with the business plan.
