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Residential Capital Markets
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pRojeCt heraldCase study
u The portfolio comprised 548 ‘Shared Ownership’ apartments and an additional 108 ‘affordable’ apartments in 14 buildings located throughout england, but predominantly in the South east. It had a gross annual income of c. £4,600,000 reviewed annually to rPI and additional reversionary income from tenant’s staircasing receipts.
Shared Ownership Portfolio
South east england
u The asset owning companies were placed into administration on 23rd december 2013. Savills were instructed by the Joint administrators to market the portfolio and invite offers for both the portfolio and individual buildings.
u Savills worked with the Joint administrators to ‘de-risk’ the portfolio and after a full marketing exercise to a variety of buyer types, the portfolio was lotted to secure best value and sold to housing associations and a specialist reversionary property fund in december 2014. The aggregate sales receipts were in excess of £100,000,000.
p Roj eC t h e R a ld PORTFOLIO DISPOSAL
“Savills advised in respect of Project Herald over a 2 year period which culminated in the sale of over 650 affordable housing assets (shared ownership & social housing) from 19 companies in administration, achieving proceeds in excess of £100m. They advised on the timing of going to market, preparing the portfolio for sale and then marketed it accessing a range of differing institutions (from both the financial and social housing sectors). This ensured that value could be maximised while successfully concluding a successful sale in a tight time-frame across a number of transactions in Autumn 2015. The Savills team has been a key part of delivering a successful outcome to the administration.” David Baxendale - Partner, PricewaterhouseCoopers LLP
pRoj eCt herald
Portfolio DiSPoSAl
