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Henderson completes sale of Mercury Portfolio for £184m

Henderson has today completed the sale of the Mercury Portfolio which contained the remaining assets in its CMBS Caspar Fund (the Fund).

Henderson has today completed the sale of the Mercury Portfolio which contained the remaining assets in its CMBS Caspar Fund (the Fund).

The company achieved a price of £184m for a corporate sale of four JPUT's containing 24 assets comprising retail, office and industrial sectors. Sixty per cent of the assets are in London and the south east and the remaining across the UK. The Buyer is a joint venture between Mountgrange/Patron Capital who subsequently sold seven assets to CBREi, one to Royal London and one to F&C Reit. Henderson had gone past their Loan Maturity date and had they not secured this sale would have been at the mercy of their creditors.

Commenting on the dealMartin Payne, the Fund’s manager says, “Strategic disposals earlier in the Fund’s life coupled with the completion of an extensive programme of asset management business plans maximised investment value and returns to the Unit holders.

"It has been a tense and challenging process between managing the debt expiry at the same time as trying to conclude a very complex disposal transaction. We are delighted to have concluded a satisfactory outcome which means we are able to return equity to investors from a Fund whose LTV had gone well above 100 per cent. The key to that is in identifying the right purchasers and working together to find solutions."

John Rodgers, head of UK business space investment at Drivers Jonas Deloitte, added: “The portfolio sale marks the end of a long journey for the Caspar fund, which began as a fund recapitalisation and ultimately ended as a complete exit of all the assets in the vehicle. The Mercury Portfolio is the largest UK multi-sector portfolio sale in over three years, and given the far-reaching appeal for the portfolio demonstrates there is a considerable weight of capital in the market place for portfolios of scale and quality, principally driven by Private Equity.”

Drivers Jonas Deloitte was the property investment adviser to Henderson. K&L Gates LLP was the legal and corporate adviser to Henderson.

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