{"id":696,"date":"2023-09-12T12:22:57","date_gmt":"2023-09-12T12:22:57","guid":{"rendered":"https:\/\/propconnections.co.uk\/?post_type=property_investments&#038;p=696"},"modified":"2024-05-16T13:18:26","modified_gmt":"2024-05-16T13:18:26","slug":"pilcher-group-family-office","status":"publish","type":"property_investments","link":"https:\/\/propconnections.co.uk\/property_investments\/pilcher-group-family-office\/","title":{"rendered":"Pilcher Group Family Office"},"content":{"rendered":"\n<p><strong>The investment offers an opportunity to invest directly into the Family office Investment fund, providing additional and majority equity funding for a scarce period and gated luxury development in the heart of London.<\/strong><\/p>\n\n\n\n<p>The Pilcher Group's companies are primarily property-based businesses, which deliver high quality assets, with a commitment to detail and delivery. Since the establishment of the Pilcher family run business in 1898, and its subsequent evolution into the Pilcher Group today, the core elements of our business remain the same:&nbsp;<strong>Exceptional attention to detail, the creation of smart investment opportunities and outstanding deliverables.<\/strong><\/p>\n\n\n\n<p><strong>Finance Package<\/strong>&nbsp;<\/p>\n\n\n\n<p>Pilcher Group is being asked to provide investment for the scheme to fund the building acquisition, with normal senior development debt from an institutional 3rd&nbsp;party. Curo and directors will provide a PG, as well as cost overrun guarantees as well as standard LAD provisions. <\/p>\n\n\n\n<p><strong>The indicative proposal is set out below: <\/strong><\/p>\n\n\n\n<p>1) A 1st&nbsp;ranking security over the property at Land Registry and debenture over the shares in the SPV for developing the site to the senior funder c.65% LTGDV, being c.\u00a312.87m.&nbsp;<\/p>\n\n\n\n<p>2) Curo will put in c.\u00a3500,000, as an equity contribution having already spent significant amounts on fees and costs to assess and secure the site; then&nbsp;<\/p>\n\n\n\n<p>3) The investment balance of funds, being c.\u00a33.47m will come from Pilcher\u2019s 1898 designated vehicle, which are then on-loaned into the Developer SPV to cover remaining acquisition costs and any residual towards construction costs.&nbsp;<\/p>\n\n\n\n<p>This Investment will target a return of 20-25% on a partially preferred basis i.e. some return coming out in priority to Curo funds and the balance from profit share.&nbsp;<\/p>\n\n\n\n<p>The total cash return is therefore targeting c.\u00a31.37m. We have based these calculations on an 18 month timeline \u2013 Curo believes they will complete and sell out within 16 months.&nbsp;<\/p>\n\n\n\n<p><strong>The developer will provide a Personal Guarantee in relation to the senior debt of 20-25% of costs, being c.\u00a31.7m.&nbsp;<\/strong><\/p>\n\n\n\n<p>A few summary points here:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The scheme is to buy an attractive, period commercial building&nbsp;with planning&nbsp;to convert to 12 residential flats and townhouses<\/li>\n\n\n\n<li>GDV \u00a319.8m<\/li>\n\n\n\n<li>The&nbsp;property is under offer&nbsp;with established Pilcher Group client, who are a successful contractor and developer and would be the JV partner,&nbsp;<\/li>\n\n\n\n<li>The JV partner has spent significant sums on surveys and professional fees to confirm viability and build program \u2013 they will put in a further c.\u00a3500,000 as equity to the purchase and deliver the scheme<\/li>\n\n\n\n<li>Senior debt offers have been received, providing c. 74% of the total cost<\/li>\n\n\n\n<li>18 month program to build and sell \u2013 PC April\/May 2025, subject to timeline to complete the purchase<\/li>\n<\/ul>\n\n\n\n<p><strong>The opportunity<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An investment of c.\u00a33.47m as JV equity&nbsp;\u2013 in whole or part of a syndicate<\/li>\n\n\n\n<li>Priority return as pref interest, then profit share with JV partner<\/li>\n\n\n\n<li>Targeting 20-25% IRR<\/li>\n\n\n\n<li>Investment to exchange and complete purchase in Q4 2023<\/li>\n<\/ul>\n\n\n\n<p>We believe this is an excellent opportunity to get involved with this established Family Office as well&nbsp; as a very strong &nbsp;scheme, given the rarity of private gated property in such a central location, overlooking a park and with period features.&nbsp; Likewise, the strength of the developer as a delivery partner is evident in their track record, detailed in the investment paper.<\/p>\n\n\n\n<p>For detailed information please contact Paul Kingston&nbsp;<a href=\"mailto:paul@propconnections.co.uk\">paul@propconnections.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Pilcher Group is an established family run, multi private Family Office, specialising in funding to seasoned developers, delivering high quality assets. They cater for a suite of regulated and unregulated services and have built over three and a half thousand homes.<\/p>\n<p>They have an opportunity for a JV equity partner to join them in the development of a landmark building in London SE1 for the construction of 12 Luxury Gated Apartments.  An investment of \u00a33.47 million in whole or as a syndicate is required.<\/p>\n","protected":false},"featured_media":695,"parent":0,"menu_order":0,"template":"","completion_status":[6],"investment-category":[],"class_list":["post-696","property_investments","type-property_investments","status-publish","has-post-thumbnail","hentry","completion_status-completed"],"acf":[],"_links":{"self":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/property_investments\/696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/property_investments"}],"about":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/types\/property_investments"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/media\/695"}],"wp:attachment":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/media?parent=696"}],"wp:term":[{"taxonomy":"completion_status","embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/completion_status?post=696"},{"taxonomy":"investment-category","embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/investment-category?post=696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}