[vc_row fullwidth=”true” fullwidth_content=”false” css=”.vc_custom_1511253087767{padding-top: 50px !important;padding-bottom: 50px !important;background: #f0f1f2 url(https://westbrooke.co.za/wp-content/uploads/2017/02/triangle-grey-top-left-600×600.png?id=166) !important;background-position: 0 0 !important;background-repeat: no-repeat !important;}” el_class=”blog-content”][vc_column width=”1/12″][/vc_column][vc_column width=”10/12″][vc_column_text css=”.vc_custom_1561555770704{margin-bottom: 0px !important;}”]Westbrooke Alternative Asset Management UK Limited is pleased to announce the closing of an acquisition facility for GMG Real Estate and Neworld (the “Consortium”), to complete the acquisition of the site for the upcoming LX Living development, situated near the historic heart of Lisbon, Portugal.
The Westbrooke Yield Plus investment platform (“Westbrooke Yield Plus” or the “Platform”) provided a short term €6m loan to facilitate the acquisition of the site as part of a c.€32m total acquisition consideration. The Consortium plans to develop the site into LX Living, a c.€90m development comprising of 151 apartments and 1,341m² of retail space of shops and restaurants, across seven residential floors and an additional 184 underground parking spaces. To date LX Living has achieved pre-sales of over 70%.
John Rabie, a leading South African Real Estate Developer and the principal of Neworld said, “Lisbon has so much to offer… Our research has confirmed the opinion of reputable experts regarding the strong fundamentals that are driving the shortage of residential accommodation in Lisbon. We now understand why these experts have rated Lisbon as the number one city in all of Europe for investment in residential Real Estate.”
This is Neworld’s first development in Europe, with them feeling “honored to be joining forces with GMG on this first Project”. GMG brings an impressive track record of investment and value creation in urban mixed-use real estate in the UK, Switzerland, Germany and Portugal, having successfully transacted on 29 developments to date.
Newman Leech, CEO of GMG Real Estate, said “it has been a pleasure working with the Westbrooke team on the LxLiving project, and we look forward to working with them on new opportunities in the near future.” This is the second transaction where Westbrooke Yield Plus has supported GMG Real Estate, the first transaction being a bridge facility for a property in Camden Town, London.
With a core focus on capital preservation, Westbrooke Yield Plus provides investors with exposure to a diversified portfolio of higher yielding secured debt instruments with robust security packages, significant equity cushions and a clear exit strategy. The Platform provides funding to lower-middle market companies, as well as short- to medium-term real estate backed transactions, investing predominantly within the UK and other developed economies.
To read more about LX Living, visit www.lxliving.com. For more information on the Westbrooke Yield Plus offering please contact Richard Asherson at richard@waam-uk.com or +44 (0)74 78 759 229.[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row]
