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Ereira Mendoza adds capital markets director

admin — Thu, 09 Jan 2025 10:25:47 +0000

UK commercial property investment agency Ereira Mendoza has added Toby Leaman to its team as director of capital markets following the acquisition of his Healey Advisory business.

In a LinkedIn post, the boutique adviser said Leaman brings a “wealth of expertise in real estate investment, and his leadership will further enhance our ability to connect clients with tailored strategies and opportunities in an evolving market.”

Leaman said: “I am delighted to join the award-winning team at Ereira Mendoza. This move enables me to offer an even broader range of services to my clients and connect deals with capital more effectively.”

Co-founders David Ereira FRSA and Daniel Mendoza OBE jointly added: “We are excited to welcome Toby to the team. His proven track record and expertise align perfectly with our vision for growth and innovation in delivering client solutions.”

Ereira Mendoza is a full-service property investment and asset management practice. Last year, the group launched a distress advisory department.

The group regularly features in CoStar’s leading niche investment advisers tables.

View full press release

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Ereira Mendoza expands capital markets firepower with acquisition

admin — Tue, 07 Jan 2025 18:04:09 +0000

Agent has bought Toby Leaman’s Healey Real Estate advisory business

Investment agency Ereira Mendoza has bolstered its capital markets team through the acquisition of a business, Green Street News can reveal.

The firm, led by co-founders David Ereira and Daniel Mendoza, has acquired Toby Leaman’s Healey Real Estate advisory business.

As a result of the deal, Leaman will join Ereira Mendoza as director of capital markets, where he will lead the team and further enhance the firm’s market presence.

Leaman said: “This move allows me to offer an even broader range of services to my clients, leveraging an expanded reach to connect deals with capital more effectively.”

This is the latest move from Ereira Mendoza to enhance its capital markets platform. Last year, the adviser launched its distress advisory department, which is led by Jamie Binstock.

Ereira and Mendoza added: “We are excited to welcome Toby to our team. His expertise and proven track record in the real estate investment sector align perfectly with our vision for growth. The integration of Healey strengthens our ability to deliver innovative and high-impact solutions to clients in an increasingly dynamic market.”

Read full press release

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EM in Top 5 UK League Tables

admin — Mon, 25 Nov 2024 14:36:55 +0000

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Oval and Elliott continue Mayfair office buying spree

admin — Fri, 01 Nov 2024 08:47:56 +0000

Clifford Street receivership sale completes for more than £80 million

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Abramovich-linked oligarchs’ £85m West End jewel liquidated

admin — Wed, 18 Sep 2024 16:43:49 +0000

Lender against prime office forces sale of asset controlled by sanctioned duo

https://greenstreetnews.com/article/abramovich-linked-oligarchs-85m-west-end-jewel-liquidated/

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Things could easily get worse before they get better

admin — Mon, 31 Oct 2022 10:39:58 +0000

There is more pain to come as a result of higher debt costs and the weakening economy

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Entering the bear pit: investing in tumultuous times

admin — Mon, 31 Oct 2022 10:39:58 +0000

How does the current market volatility translate to actual deal activity?

It was September 1990. Very fresh-faced and inevitably naive, David Ereira and I set up Ereira Mendoza. We were just the other side of the 1989 “crash”, but the tail was longer and tougher than envisaged.

Of course, all markets endure volatility. But occasionally circumstances and trends collide to create material structural market corrections and, in my opinion, we’ve now entered the third such occasion in my career, following seismic shifts in 1989 and 2008.

I don’t have the economic intellect or even thankfully enough word count in this piece to summarise the dynamics that led to 1989 and 2008; suffice to say, this time around there are fundamental differences.

Back in 2008 what we, or more pertinently the banks, discovered, was the folly of high leverage – the government had to step in to prevent some banks from blowing up. And the market took heed, resulting in banks with far stronger balance sheets and investors with much lower LTVs. All was rosy in the garden as what followed was a nigh-on 15-year bull run feasting on virtually zero interest rates, washed down by glugs of QE.

Taking a nosedive

So, what happened?

Take your pick: Brexit, Covid, Ukraine, Kwasi, inflation, interest rates, or maybe just a natural reckoning after 15 good years. The degree of instrumentality each of these catalysts have had in shaping our nosedive into a bear market is anyone’s speculation. And I suspect we are still a good 12 to 18 months away from knowing how these factors will impact occupational demand and true rental values.

But the one thing we’ve known for sure and which will be the biggest single factor at the core of this bear market is increasing borrowing costs. Logic told us interest rates only had one way to go but the human psyche is such that we become acclimatised pretty quickly to prevailing market conditions. And albeit we knew interest rates could only increase, who had the foresight to hedge or swap their interest rate for long enough? I hope that doesn’t sound sanctimonious – indeed, the flipside is if you’d waited for greater value or built a buffer into your borrowing costs, you wouldn’t have been competitive and bought much through the bull run. Such are markets!

Opinions I’ve encountered as to the extent of the bear we are entering vary from “sensible pricing correction” to “Armageddon”. This probably more accurately reflects the desire of that capital and their own position or even positioning. The reality of it is none of us know how this plays out with both the opportunities and challenges that lay within. But how does all this all translate to actual deal activity and what’s that going to look like?

No question volumes will be materially down and valuers flailing. If you’re a buyer, you’ve been waiting for this market for quite a while but wondering when or if it would ever arrive. And to boot, if you’re a dollar-denominated investor, there’s an added frisson of excitement. You are already seeing meaningfully lower capital values but likely agonising between the two cliches of “not wanting to catch a falling knife” while also knowing you “can never call the bottom” – which embody the emotive dichotomies of investing, fear and greed.

And if you are a seller or think you may want to sell, what to do? Sit tight and ride it out until, or if, the market improves, or bite the bullet now before the market or other factors weaken your hand. For sure we are facing a shift in values and we have witnessed discounts of 10%-25% on trades executed in the last few weeks.

Wherever you sit on the sell or buy spectrum, however, times like these require a different weighting of skill sets from an agency perspective. Key to this are relationships with deep pools of private capital, discretion and trust. The bottom line in a volatile market is that neither counter-party in a negotiation knows what the following days may bring, and if that might affect their position. So it is within this context that a lot of conversations will be taking place and those discussions “held” by your agent.

Emotional intelligence

The ability to look into the whites of someone’s eyes and know you can trust what’s been agreed with both parties’ ability to deliver is critical. This requires buckets of emotional intelligence, empathy and complete sanctity of the information being explored in those conversations, especially if either of the parties’ thinking or actions might impact on public markets.

No question this is not a market for the faint-hearted. There is unfortunately a lot of pain and distress coming down the tracks as the market reacclimatises and I take no pleasure in that. But we, as all agents, are here to advise, support and chew over market dynamics with clients, whatever their position. And there will be opportunities.

And while this is our market and livelihoods, I say all the above mindful of and relative to a broader socio and economic perspective. Without doubt, we are living in turbulent, socially divisive and uncharted times, and as I have articulated previously, responsible capitalism is about reducing, not increasing the gap between the have and the have nots, and not just simply financially.

And if this doesn’t resonate on compassionate grounds, let pragmatism point out that unless society addresses these imbalances, we will likely experience the deterioration of the very fabric of society on which we all ply our trade, and benefit from.

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Prologis lands office centre at Heathrow

admin — Mon, 20 Dec 2021 11:59:41 +0000

Prologis has completed its purchase of a 203,000 sq ft office centre at Heathrow Airport for £100m – two months after Property Week revealed it had gone under offer on the Compass Centre building.

The developer has acquired the asset (pictured) on the edge of Heathrow Airport at a net initial yield of 5.5% from Arora Group.

The 15-acre site, which is let to the airport on a lease expiring in June 2023, comprises a 10.5-acre office site and a 4.5-acre car park on Nelson Road on the northern side of Heathrow Airport near the M25.

Robin Woodbridge, head of capital deployment and leasing for Prologis in the UK, said: “While we have no immediate plans to develop the property or land and the office building, there may be scope to redevelop it for logistics use at some point in the future.”

Arora Group director Sanjay Arora said: “The Compass Centre has been a strategic asset in the portfolio for many years. But with the change in the business environment post Covid, we are pleased to have sold the asset to Prologis, releasing funds to facilitate new projects.”

Colliers advised Arora Group. Prologis was advised by agents at Lee Baron and Ereira Mendoza.

The Compass Centre was developed in 1992 and bought by property entrepreneur and hotelier Surinder Arora in 2008 as part of a £309m portfolio deal from the Airport Property Partnership in one of the biggest investment transactions that year, as tipped by Property Week at the time.

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Hyundai buys £55.2m Edinburgh office

admin — Thu, 11 Apr 2019 09:34:22 +0000

Korea’s Hyundai Asset Management has bought Gyle Square, South Gyle Crescent, Edinburgh for £55.2m.

London-based Greenridge Investment Management sold the 148,796 sq ft office property less than three years after acquiring it from Highland Properties.

Edinburgh-based investment firm 9 West sourced the financing for the off-market deal.

Gyle Square is leased to NHS National Services Scotland, which provides shared services to the NHS and other public bodies across Scotland. It has fully occupied the property since it was constructed in 2003, under a lease until June 2029.

Robbie Moir, 9 West founder, said: “This is a major overseas investment in Edinburgh, which reflects very positively on the level of global interest in the commercial property sector in Scotland. This sends out a strong signal that Scotland is on the radar of Asian investors if the right kind of property is available.”

Hyundai Asset Management rolled out its first public real estate fund and raised money from individual investors in South Korea to support the acquisition of Gyle Square. The fund has a term of three and a half years and will be listed on the Korea Stock Exchange.

Hyundai Asset Management borrowed £35.9m, 65% of the Gyle Square acquisition price, in a three- year secured loan. The deal closed on Friday 5 April.

The purchasers were represented by Ereira Mendoza, 9 West and Dentons. The vendors were represented by Trowers and Brodies.

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Ereira Mendoza Maintains Top 15 Single Branch Acquisition Agents Spot

admin — Tue, 26 Feb 2019 12:33:11 +0000

Ereira Mendoza Maintains Top 15 Single Branch Acquisition Agents Spot

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