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€103M Whole Loan, Pan European Debt Facility, CRE Portfolio

A developer was seeking acquisition finance for 5 Core Assets, across Republic of Ireland and Portugal.

Klug Nowy was appointed to structure a €103.8M senior and subordinated debt facility to support the acquisition, refinancing and enhancement of a five-asset commercial real estate portfolio across Rep.Ireland and Portugal.

The portfolio comprised retail parks, town-centre schemes and single-let blue-chip retail units, underwritten to deliver a blended yield of c.17.9%, with stabilised assets demonstrating WAULT profiles of up to 17 years (with shorter 6-year WAULT assets targeted for repositioning). Projected stabilised Net Income exceeded €22M per annum, with strong covenant concentration among national and multinational retailers.

Our mandate focused on lender-grade underwriting: income durability, tenant covenant analysis, WAULT risk assessment, capital structuring, covenant modelling (LTV and ICR), and refinance sensitivity analysis.

As part of the aquisition, we structured the debt approach for a large-scale Dublin Airport car park opportunity, supported by a detailed operational model projecting EBITDA above €16M with substantial covenant headroom.

Although the airport asset was ultimately lost at auction, the engagement demonstrates Klug Nowy’s capability to structure and present institutional-scale debt transactions, combining asset management strategy with bank-ready financial models, across complex, cross-border mandates.


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KLUG NOWY

Klug Nowy Ltd, registered office: 3rd Floor, 45 Albemarle Street, London, England, W1S 4JL

0800 193 5332

Disclaimer: Property, development, and capital-related transactions involve risk. Values may rise or fall, returns are not guaranteed, and capital may be lost. Past performance is not indicative of future results. References on this website to finance, funding, capital, or investment opportunities may include non-regulated finance arrangements, including transactions that fall outside the scope of UK financial services regulation. Nothing on this website constitutes financial, investment, tax, legal, or other regulated advice, nor should it be relied upon as such.All services are provided on a consultancy and introducer basis only. No offer, solicitation, recommendation, or arranging activity is made in respect of any regulated financial product or investment. Any transaction proceeds solely between the relevant parties, who must undertake their own independent due diligence and obtain advice from appropriately authorised professional advisers where required. Whilst reasonable care is taken to ensure information is accurate at the time of publication, no representation or warranty (express or implied) is given as to its accuracy, completeness, or suitability. To the fullest extent permitted by law, no liability is accepted for any loss arising from reliance on information contained on this website.

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