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IQE Real Estate - Market Activity to 30th June 2013

Posted on in IQE Isle of Man

In the first 6 months of 2013, IQE have been involved in over 12 property related transactions: Supporting clients on acquisitions, disposals, planning, refinance and restructuring.

These include:

• Working alongside one of our active property developer clients, completion on  2 properties in January in London N1  for £1,025,000 and £2,000,000 respectively.  These properties are subject to an application for planning consent for development of commercial and residential units.

• Redefine International Plc – As company secretary and administrator, we supported the board and worked with investment advisers on the completion of a £46m refinance of existing debt, which significantly improved the company's position.

• Completed 3 property purchases in March in London N5 worth £1,052,000, £1,825,000 and £2,025,000 respectively, these properties are subject to a planning  application for change of use to a mix of  residential and commercial units.

• Working with clients and advisers to structure and complete on the acquisition of 3 properties in April in London N1, worth £940,000, £930,000 and £930,000. The  directors of the SPV's  have applied for planning permission for conversion to residential and commercial units.

• Acquisition of an option on a commercial property valued in excess of £15m in London SE1 for a joint venture by an Asian family office and an established London property developer. We worked closely with the professional advisers and the clients to exchange and are now working towards permission on change of use to a mix of retail and residential units as well as managing existing tenant exit plans.

• In May we arranged refinance for a mixed commercial and residential asset in Nottingham worth £3.7m. This is a longstanding asset of a private client that suffered as a result of a change in bank appetite. We worked with the market and advisers to renegotiate some of the key leases, maximised existing income flows to reduce the principal debt and restructured to present to bank who agreed a new term lending facility.

• In June we completed the restructuring of the ownership of a company and transfer of property at open market value £6,000,000, working with advisers to address VAT and wider commercial issues with a view to the ultimate sale of the asset.

•  We also completed a major restructuring of an Irish Property Group, from both a tax and finance perspective. Our teams worked closely with London and Dublin advisers and the Irish Tax Authorities, to implement a new structure that ensures both privacy and full compliance with Irish tax law.

• Ishaan Real Estate PLC, Company Secretary, accounting and administration services provided since establishment in 2006 and recently involved in the disposal of the property interests for circa £70 million, cancellation of the admission of shares to trading on AIM and the appointment of a Liquidator to carry out a members' voluntary winding up of the Company.

We have the expertise to assist with multi-jurisdictional fiduciary services for international structures

As an independent Non-Executive Director of Ishaan Real Estate Plc I worked closely with IQE who provided Company Secretary and administration services. IQE hosted the board meetings, prepared minutes often on complex matters and were central to the communication between the international board members, lawyers, accountants and advisers. I found them to be reliable, approachable and pragmatic and IQE provided a professional and responsive service with extremely high standards appropriate for a company quoted on the London Stock Exchange’s AIM market. I would be happy to recommend their services. Stephen Vernon, Chairman, Green Property

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