Gerry is the head of our real estate finance and non-performing loan teams. In 2013/2014 he has been most active working with US Opportunity Funds acquiring portfolios of non-performing loans secured on commercial real estate in the UK & Europe. Most recently his team has:-
- worked with lenders selling portfolios of non-performing real estate loans with a face value in excess of £1.4bn
- delivered / are delivering finance and property DD on assets in the UK, Germany & France with an aggregated face value in excess of £21bn with over 4000 properties
- advised the purchaser of a portfolio of 50 loans secured on commercial real estate throughout the UK, with a face value of £300m, originated and sold by an Irish bank. This involved the establishment of the bidding vehicle, a special purpose vehicle incorporated in Luxembourg, and advising the client as to tax and regulatory matters, a full finance and real estate diligence and reporting exercise and the drafting, negotiation and execution of the loan sale and security transfer
- acted on the purchase of a portfolio of over 20 UK commercial real estate loans (with a face value in excess of £400m) by a Luxembourg-based joint venture company established by us for that purpose. We acted on the creation of the vehicle as well as associated tax/corporate matters.
- closed (including initial advice on structuring and tax aspects) the purchase of a non performing residential mortgage book over properties across the UK, with a face value of £100+m. We have over 15 years experience of mortgage portfolio sales and acquisitions, having acted on over 100 such transactions in that period.
- advised two US Opportunity Funds acquiring debt secured against a portfolio of commercial investments across the UK – face value in excess of £450m.
- worked with a US Opportunity Fund on the acquisition of debt and the recapitalisation of a UK property business. We worked on the structuring of the vehicle and advised on the tax, structuring and contingency planning.
- advised a US Fund on the acquisition of defaulting debt secured on over 50 hotels.
Gerry also takes a supporting role where our jurisdictional coverage or headcount is relevant and has significant, recent, experience partnering and working with a:-
- Magic Circle firm delivering financial and property due diligence on a portfolio of pan-European NPLs (with a face value in the, many, £billions).
- US law firm on the financial, property and hospitality due diligence on a portfolio of hotel NPLs across the UK.
- global, US based, law firm on the diligence aspects of a proposed acquisition by a US REIT of an operating business with over 130 properties for a consideration in excess of £900m.
- Magic Circle firm on the diligence aspects of a European retail business with over 100 properties where the consideration was over £800m.
- number of New York based law firms and US Opportunity Funds on the banking and property diligence aspects of a series of connections with a large number of commercial real estate investments across jurisdictions in the United Kingdom.
- Magic Circle firm on the banking and property due diligence in anticipation of a loan sale of 40 connections and 250 properties where the face value of the portfolio was in excess of £350m
- Magic Circle firm and dealing with vendor due diligence on a sale of an operating business for a reported £700m.