Our successes

Every value-generation operation we undertake is based on a tailored step-by-step strategy designed to ensure the successful workout of the real estate asset in question.

Emilia Romagna

PROPERTY DESCRIPTION

50 semi-detached maisonnettes and 54 apartments located on the outskirts of a major town in the province of the Emilia Romagna region in central-northern Italy.
State of completion at the time of purchase: 60%
Worksite halted since 2011 (the company declared bankruptcy in 2013)
Capex required to complete construction: > 10 million

OPERATION STRUCTURE

NewCo created, which purchased the asset and is now completing the building.

HéRA'S ROLE

Drawing up the Business Plan.
Establishing the SPV and purchase of the property from the bankrupt company.
Management of relations with the project investor as part of the Business Plan execution.
Management of relations with the municipality and Public Administration as regards urban planning, building permits etc. (expired permits requiring negotiations of extensions)
Worksite management: supplier selection, negotiation of payment terms and conditions with suppliers, oversight of construction work, analysis and assessment of technical criticalities, etc.), worksite management and sign off.
Cash management: revenue, supplier payments, settlement of all taxes, levies, etc.
Sales of the asset: today, 2 years after the start of the project, 51 apartments and 5 maisonnettes have been sold, one year ahead of the timeframe envisaged by the first step of the Business Plan.

Emilia Romagna

PROPERTY DESCRIPTION

Former cinema to be turned into two ground-floor retail premises, and nine luxury residential apartments on the upper three floors in the center of a major town in the Emilia Romagna region in central-northern Italy.
Capex requirement: > 5 million
State of completion at the time of purchase: 60%

OPERATION STRUCTURE

Negotiation and agreement with the debtor to purchase the asset and take on the debt burden.
The transaction was conducted together with the bank holding the property underlying the mortgage loan. This same bank granted new financing in order to complete certain construction work.

HéRA'S ROLE

Drawing up the Business Plan.
Management of relations with the project investor as part of the Business Plan execution.
Management of relations with the municipality and Public Administration as regards urban planning, building permits etc. (expired permits requiring negotiations of extensions)
Worksite management: supplier selection, negotiation of payment terms and conditions with suppliers, oversight of construction work, analysis and assessment of technical criticalities, etc.), worksite management and sign off.
Cash management: revenues, supplier payments, settlement of all taxes, levies, etc.
Putting the property on the market and sale.

Veneto

PROPERTY DESCRIPTION

74 apartments on the peninsula of Sottomarina in the Veneto region, northeast Italy
State of completion at purchase: 80%
Worksite halted since 2015
Capex requirement: > 5 million

OPERATION STRUCTURE

Advisory service provision

HéRA'S ROLE

Managing relations with the project investor in the execution of the Business Plan.
Negotiations with existing non-financial creditors.
Management of relations with the municipality and Public Administration as regards urban planning, building permits etc. (expired permits requiring negotiations of extensions)
Worksite management: supplier selection, negotiation of payment terms and conditions with suppliers, oversight of construction work, analysis and assessment of technical criticalities, etc., worksite management and sign off.
Cash management: revenues, supplier payments, settlement of all taxes, levies, etc.
Management of relations with the company’s administration and accounts functions (i.e. billing, identifying any off balance sheet payment obligations, etc.).
Managing agency network during asset sale.

Lombardy

PROPERTY DESCRIPTION

41-bedroom hotel in the center of a major town in the region of Lombardy, northern Italy.
State of completion of construction at purchase: 70%
Capex requirement: > 3 million

OPERATION STRUCTURE

Governance of the operation with the appointment of a CRO who managed the financial restructuring process within the framework of the provisions of Art 67 of the Italian Bankruptcy Law.
Purchase of a stake in the company and management of refurbishment by means of a call option written into the Restructuring Plan.

HéRA'S ROLE

Drawing up the Restructuring Plan in compliance with Art 67 of the Italian Bankruptcy Law.
CRO oversight of the Restructuring Plan.
Worksite management: supplier selection, negotiation of payment terms and conditions with suppliers, oversight of construction work, analysis and assessment of technical criticalities, etc., worksite management and sign off.
Sale of the property

Liguria

PROPERTY DESCRIPTION

Residential complex of 16 maisonnettes with large grounds and swimming pool in a town on the sea in the region of Liguria, northwest Italy.
State of completion of construction: 100%
Capex requirement: > 1.3 million

OPERATION STRUCTURE

Usufruct of company shares for the time necessary to complete work and sell the real estate.

HéRA'S ROLE

Negotiation of debt terms and conditions with existing suppliers.
Worksite management: supplier selection, negotiation of payment terms and conditions with suppliers, oversight of construction work, analysis and assessment of technical criticalities, etc., worksite management and sign off.
Drawing up and execution of the Marketing Plan;
Sale of the property.

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