A bridging finance transaction with multiple moving parts
The transaction required a restructuring of the borrower’s existing holdings. It also included a share purchase agreement covering a Notting Hill asset and the extraction of two properties from an existing pension structure.
The acquisitions included an additional interest in one Portobello Road property for £1.5 million and two parts of another commercial property for £1.4 million.
The four properties are all freehold retail units on the west London street with a combined open market value of £6 million. Several are occupied by established businesses running as concessions.
“This was a complicated set of transactions,” said Duncan Kreeger, founder and chief executive of TAB. “We had multiple properties, a complex ownership structure and several interconnected acquisitions to complete, all within a tight timetable.
“We had to understand the whole picture, including the existing portfolio, the new acquisitions, the income, the associated SIPP and pension arrangements.”
