Our client, whom Shorebeam has advised on other transactions, is a Swiss based institutional investor with a significant holding of commercial assets in Australia.

The subject A-grade office property is located in the Sydney CBD Fringe and Shorebeam’s task was to refinance the property on a non-recourse basis.

We were appointed in June 2023 to run the refinancing process using our network of domestic, Asian and European lenders looking for A-grade office lending opportunities.

We ran a competitive process with a number of senior lenders producing multiple competitive proposals despite concerns regarding the state of the office market and a shorter WALE than the proposed loan tenor.

Financing proceeds were successfully sourced from a domestic bank were Shorebeam was able to negotiate tighter pricing than terms submitted initially.

We successfully closed the financing in Q4 2023.

Our client, a consortium of local developers, acquired and amalgamated sites in the mid-town precinct of the Sydney CBD.

After a successful planning proposal, the developers were granted development consent for a >300 room hotel spanning 34 storeys.

The Shorebeam team was engaged by the developers to advise on the operator selection process for a select service hotel offering. In addition, Shorebeam was tasked with sourcing of co-development equity and construction debt.

We ran separate competitive processes with over ten equity parties participating, multiple hotel operators, and over fifteen senior construction lenders amidst a period of significant COVID related uncertainty with regards to hospitality assets. We were able to obtain multiple bank and non-bank-led lending proposals from the market along with attractive equity terms from interested investors.

We sourced competitive debt terms from a local non-bank lender and were able to garner interest by a strong hotel operator under a hotel management agreement with one of the top global select service brands.

The transaction was successfully completed in the first half of 2023 and the hotel property is currently under construction.

Our client is an Australian based institutional fund manager.

We were appointed as mandated lead arranger in mid-2022 to run the approximately AUD 600 million refinancing process for an AUD 1 billion plus real estate portfolio comprising office, retail and industrial properties across four Australian states, tapping our network of domestic, Asian, European and North American lenders. The existing debt facilities were generally bilateral facilities that were to be combined into a single portfolio debt facility including fund-through and revolver tranches.

We ran a competitive process with a broad range of senior lenders, producing a number of competitive proposals for participation in the syndicated portfolio debt facility. Despite rising base interest rates and increasing bank funding costs during the process, we were able to achieve very attractive pricing for our client while obtaining a flexible covenant pack coupled with highly structured interest rate protection using caps and swaps.

Shorebeam’s scope of work comprised transaction modelling, issuance of a detailed IM and commercial conceptualisation of a borrower-issued long form term sheet followed by commercial negotiations with shortlisted lenders, working closely with the client’s senior management including CFO and fund manager as well as client’s external legal advisers.

The transaction was successfully closed in Q4 2022.

Our client, whom Shorebeam has advised on other transactions, is a Swiss based institutional investor with a significant holding of commercial assets in Australia.

We initially approached our client in early 2021 with the concept of submitting to the vendor an unsolicited proposal to acquire a multi-tenanted Sydney CBD core office property. We had compiled significant asset specific information off-market allowing us to model a compelling investment case and back into a supportable initial offer price. Upon submission of the unsolicited proposal the vendor initially declined to engage in an off-market process, but it was the effort put into this initial unsolicited approach that gave us and our client a decisive advantage to successfully compete in the ensuing 2022 on-market campaign securing this property for our client.

As part of this on-market process, Shorebeam was responsible for the acquisition underwriting process using Forbury, including market leasing assumptions for office and ground floor retail as well as debt funding assumptions and terminal cap rate projections. In addition, Shorebeam was involved in successful lease negotiations with a key retail tenant and took a lead role in direct commercial negotiations with the vendor including significant commercial input into the finalisation of the sale and purchase agreement in liaison with our client’s local legal advisors. Shorebeam was furthermore involved in the coordination and conclusion of the external valuation process and also guided the technical and environmental consultants during the due diligence phase with a specific focus on assessing achievable NABERS ratings.

Given Shorebeam’s extensive network into the Australian commercial real estate market, we were able to provide our client with a comprehensive investment rationale backed by relevant comp sale and leasing transactions and thus contributed to the overall commercial success of the acquisition process.

The transaction settled in line with the contractual obligations in the second half of 2022.

Our client is a hotel developer, owner, operator and asset manager with investments across Australia, New Zealand and Europe.

We were engaged in late 2020 to advise on the raising of ~AUD 80 million of term debt to fund the acquisition and repositioning of a 5 star hotel in the Sydney CBD.

We ran a competitive process with over 20 senior lenders amidst a period of significant COVID related uncertainty with regards to hospitality assets and were able to obtain multiple bank-led lending proposals from the market.

We sourced competitive debt terms from an offshore bank which included a number of highly structured provisions designed to assist the hotel through the repositioning and ramp up upon reopening.

We successfully closed the financing in line with the transaction timeline in Q4 2021.

Our client is an Australian flex office operator with multiple outlets on the Eastern Seaboard. We were engaged in mid-2020 to raise equity and debt capital for our client to capitalise on expansion opportunities and increase market share as a result of COVID-19.

We created a ground-up researched investment memorandum (IM) including observations and forecasts around the impact of the COVID pandemic on the quality and quantity of demand for (flex) office space. This IM also included comp valuations of domestic and offshore flex office operators and a sophisticated discounted cash flow valuation of the business.

We created a highly customised financial model showing capital returns as sensitised depending on both operational as well as funding considerations ranging from ordinary equity to convertible notes and corporate debt;

We then conducted a competitive process that involved discussions with listed office landlords as well as sovereign wealth funds and private capital.

In addition we were able to introduce further pipeline opportunities through our extensive hotel and hospitality network.

Despite an initially apprehensive investor sentiment due to the COVID pandemic, we were able to generate significant interest and assisted in securing a sizeable equity and debt injection into our client’s operating company in 2021.

We were engaged in late 2020 by the co-owner of an existing Berlin office property to raise co-investment equity for the purpose of taking out the existing majority investor and to provide ongoing asset management services upon an envisaged increase in our client’s equity stake in the landholding entity.

Through a selective off-market competitive process, we were able to source a suitable JV partner along with very competitive junior financing terms to fund a significant re-tenanting of the property over the next 5-7 years.

Despite several transactional obstacles, we were able to successfully document the JV transaction by mid 2021.

We were furthermore engaged by the client to provide ongoing asset management services in partnership with the new co-investor for this core plus investment opportunity and have since successfully refreshed the tenancy schedule with base rental increases of up to 50% compared to legacy in-place rents.

Our client is a Europe-based commercial real estate investor with several USD billion in assets under management globally including multiple properties in Australia.

We were appointed in March 2021 to run the approximately AUD 80 million refinancing process of a Melbourne CBD office asset tapping our network of domestic, Asian and European lenders looking for core CBD office lending opportunities.

We ran a competitive process with a broad range of senior lenders producing multiple competitive proposals despite concerns regarding a shorter WALE and uncertainty regarding the longer term impact of COVID.

We were able to negotiate tighter pricing and softer covenants than terms submitted by the incumbent lender at the outset.

We successfully closed the refinancing in line with the client’s preferred timing, approximately two months prior to maturity of the existing loan.

Our client is a global developer, owner and operator of purpose built student accommodation (PBSA) with operations in over 30 cities across several countries.

This Perth-based property was our client’s second development as part of their expansion into Australia.

We were engaged to advise on the raising of a ~AUD 50 million term debt facility to refinance existing construction debt secured by the property.

We ran a two week process with over 20 parties in the data room resulting in 5 indicative bids.

Winning debt terms came from an offshore bank (a new-to-client lender) and we closed the transaction one week ahead of time, reduced our clients interest burden in year 1 of the loan by over 60% while providing a top up in proceeds resulting in a small equity take out.

Our client is a hotel developer, owner, operator, and asset manager with investments across Australia, New Zealand and Europe.

We were engaged as mandated lead arranger to structure and source a syndicated construction facility and subsequent term debt of ~AUD 100 million.

We ran an extended process seeking lenders on both a pari-passu and cost to complete basis, resulting in 6 indicative bids from 14 entities in the data room.

We arranged a non-recourse syndicated construction facility providing over AUD 100 million in proceeds, sourced from two offshore lenders (one of whom a new-to-client lender) at very competitive pricing.

We were engaged to advise our client, a Sydney based institutional investment manager, on the acquisition and repositioning of a North Sydney office property.

We developed a financial model to commercially value the revenue basis of a 285-room hotel development and performed a detailed market overview inclusive of RevPAR projections against existing STR data, followed by an operator introduction and selection process.

We assisted our client’s acquisition of air rights for an adjacent lot and subsequently supported our client in the sale of the property to an unsolicited bidder.