iQ Student Accommodation (formerly Vero Group) has secured a £305m debt facility arranged by Morgan Stanley and RBC Real Estate Capital Partners. The five-year facility will refinance existing debt on its Westbourne portfolio and provide cash to reinvest in the company's portfolio. It will specifically enable iQ to invest in new projects in Glasgow, Manchester, and Sheffield. The CEO said the company was "very selective" about potential acquisitions and wanted to grow its market share in key areas like Glasgow.
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This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Addressing the issue of mortgage arrears in Ireland: a good practice guide fr...HML Ltd
This good practice white paper details HML’s experience of managing mortgage arrears in Ireland, with our main focus on ensuring the most sustainable outcomes for customers. With banks in the country currently under increasing pressure from the Central Bank of Ireland (CBI) to not only propose sustainable solutions to customers, but to also complete deals, a significant amount of resources will need putting into arrears management and collections. Not every bank, mortgage portfolio owner or other stakeholders may have the capacity to ramp up customer contact and collections, which is where HML can prove to be of assistance. We have been servicing Irish lenders’ loan portfolios since 2005 and have in-depth knowledge and experience of Ireland’s unique financial environment, making us ideally situated to help banks meet their CBI targets.
At HML, we believe Standard Financial Statement (SFS) engagement with the borrower should be at the heart of any successful arrears management strategy, as this is the gateway to the Mortgage Arrears Resolution Process (MARP). Once within MARP, mortgage customers can evidence they are engaging with their lender, which – to a point – protects the borrower from repossession. Cash collection also increases when a customer is within MARP, which is beneficial to both the borrower and their lender.
This white paper will take you through the process of managing Irish mortgage accounts in arrears, from ensuring SFS completion and engaging with MARP to sustainable restructures and the next steps lenders need to take in order to meet their CBI targets. We will draw upon our experience and provide a case study as an example of where a client has seen considerable success after HML supported its arrears management strategy and collections operations.
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1. BRITISH LAND COMPANY PLC ORD 25 626.00 -1.27% DERWENT LONDON PLC ORD 5P 2420.000 -1.681% GREAT PORTLAND ES
Student housing firm secures £305m debt deal
13 January 2017 | By Samuel Horti
Vero Group has rebranded as iQ Student Accommodation and secured a £305m debt facility
arranged by Morgan Stanley with participation from RBC Real Estate Capital Partners.
A communal area at iQ Leeds
The new five-year facility will be used to refinance existing debt secured against the Westbourne
portfolio, which was acquired in 2015 for £500m from Knightsbridge Student Housing.
It would also help create “substantial cashflow” for the company to reinvest in its existing
portfolio and potentially buy new sites, chief executive Rob Roger told Property Week.
“The new debt will be used to pay off shareholder debt,” he said. “Importantly, what it does is it
effectively frees up cash to reinvest back into the company.”
Specifically, the facility will enable iQ to invest in its new scheme in Glasgow city centre, which is
due to open to residents in September. It will also help the company to finance the rebuilding and
expansion of a scheme in Manchester and the construction of a new development in Sheffield.
‘Very selective’
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Page 1 of 2Student housing firm secures £305m debt deal | News - print | Property Week
13/01/2017http://www.propertyweek.com/finance/student-housing-firm-secures-305m-debt-deal/...
2. The financing deal follows a £375m five-year facility raised in June, which was arranged by Bank
of America Merrill Lynch.
The two deals leave the company, which is the second-largest student accommodation provider
behind Unite, with total debt of £1.15bn. The company’s loan-to-value across its portfolio of
23,500 beds and 54 schemes is 57.5%.
Roger also revealed that the company was looking for acquisitions, but added that it would be
“very selective” in any deals it chose to pursue.
If the right portfolio comes along, we’re not scared of buying - Rob Roger, iQRob Roger, iQRob Roger, iQRob Roger, iQ
“We don’t want to acquire for the sake of acquiring,” he said. “We want to be either growing our
market share in key markets where we’ve already got market strength or to go into new markets
at scale. If the right acquisition comes along, if the right portfolio comes along, we’re not scared
of buying.”
The business will target 25 ‘underserved’ markets in the UK, Roger revealed, singling out Glasgow
as a potential growth location.
“The markets I like are two-university towns [where] we have got great locations next to the
universities,” he said.
The company was formed last January by the merger of the Wellcome Trust-owned iQ and
Prodigy Living, which was owned by Goldman Sachs and Greystar.
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Page 2 of 2Student housing firm secures £305m debt deal | News - print | Property Week
13/01/2017http://www.propertyweek.com/finance/student-housing-firm-secures-305m-debt-deal/...