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The Challenge

In 2018 Breevast owned the so called Mesdag Delta Portfolio, consisting of 57 mixed assets. The Portfolio was originally backed by NIBC in 2007. NIBC unsuccessfully tried to CMBS the loan, as a consequence the notes where widely spread over the market. The loan expired after 10 years and a special servicer (Situs) was put on the portfolio. At expiration the LTV was above 100% . Total loan amount was approx. EUR 615 million. After acquiring the B-Note one party got control of the full loan – immediately forcing Breevast to repay the full loan within a very limited timeframe. The aim of this party was to force an execution sale in order to collect the potential margin between LTV and the Execution Price. Breevast approached BNPP RE with the case.

The Solution

BNPP RE conducted a business plan per asset and set up a full Vendor DD in cooperation with Breevast. Aim of the business plan was to show the upside potential of the Portfolio within the next 2-3 years. After having several negotiations Breevast and HighBrook Investors came to an agreement whereby HighBrook Investors paid the full loan amount of EUR 615 million to the Loan holder. Breevast was installed on the Portfolio as an Asset- & Property Manager. BNPP RE in the meanwhile sold the industrial assets for  138 million to Urban Industrial.

The whole process of conducting a business plan per asset, set up a Vendor DD, negotiate an agreement between Breevast and HighBrook Investors and re-selling the industrial portfolio took BNPP RE 8 weeks.

MESDAG PORTFOLIO

  • 758 M

    Deal volume

  • 57

    Mixed-Assets

  • 8

    (long) weeks

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Rick Niemeijer
CEO
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BNP Paribas Real Estate, a simplified joint-stock company registered at 50, cours de l'Ile Seguin, 92100 Boulogne-Billancourt, acting as  Controller, processes information about you for the purposes of keeping statistics and executing any requests submitted to us through the website and, in some cases, for the purpose of sending you commercial solicitations (based on your consent or any applicable regulation).  For more information about how BNP Paribas Real Estate is processing your personal data in this context and an explanation of your rights (including a right of access, rectification, objection to direct marketing and a right to set guidelines with regards to the use of your personal data after your death, as well as, in certain circumstances, a right of erasure, restriction of processing, data portability and a right to object to other forms of processing) and BNP Paribas Real Estate's obligations in that respect, please consult our Data Protection Notice available at : https://data-privacy.realestate.bnpparibas/.