Maya Capital borrows £90m from GIC to invest in UK regional strategy
Substantial debt investment from one of the world’s largest sovereign wealth funds, alongside original investor GWM Group
Maya Capital also announces £6.5m acquisition of Highdown House in Worthing
Since the beginning of 2015, Maya Capital, with the backing of GWM Group, has committed a total of £50m into UK regional commercial property
London, 14 October 2015
Maya Capital LLP (“Maya”), the specialist real estate and private equity investment firm, is delighted to announce that GIC, Singapore’s sovereign wealth fund, has committed to lend up to £90 million to its UK regional strategy, which is backed by funds advised by GWM Capital Advisors LLP, part of the GWM Group (“GWM”). The strategy is focused on investing in office real estate outside London and the M25, and aims to benefit from the improvement of the local economies and occupational demand provided by this type of asset.
The debt investment from GIC will be used to re-finance existing acquisitions and continue the implementation of the Maya’s regional strategy. Maya launched this strategy in February 2015 with the backing of GWM and has since successfully completed six deals.
The six deals completed to date include two in Cardiff, two in Newcastle, one in Swansea and one, being announced today, in Worthing – that being the acquisition of Highdown House for £6.5 million at a net initial yield of 10.25%. Including the six completed deals, Maya and GWM have now committed a total of £50 million to this strategy since its launch earlier this year.
David Pralong, Managing Partner of Maya Capital, said: “The fact that we have received financing from such a high profile and internationally respected financial institution such as GIC will allow us to continue to pursue our strategy.
“We are pleased with the acquisition of Worthing which proves our continuing ability to source attractive deals and transact on them quickly. With the loan commitment from GIC alongside the remaining capital from our original investor GWM Group, we have substantial firepower to add to our fast growing portfolio of regional office assets.”
Matteo Cidonio, Managing Partner of GWM Capital Advisors, said:
“We are excited about the support we are getting from GIC and the traction that Maya Capital is achieving for our regional strategy. Our partnership with Maya has been very successful so far and the backing of such a major institution as GIC provides further proof of the attractiveness of this specific sector. “We look forward to continuing our long term partnership with Maya Capital with the goal of building a solid and diversified regional real estate portfolio.”
For further information, please contact: Justin Griffiths / John Elliott Powerscourt (PR adviser to Maya Capital) +44 20 7250 1446 / firstname.lastname@example.org