Gemini (Eclipse 2006 – 3) CMBS
The Gemini (Eclipse 2006 – 3) portfolio was a workout mandate where Cromwell was appointed by Deloitte LLP, as fixed charge receivers and administrators, to asset manage and sell a portfolio of CMBS assets within the Gemini (Propinvest) property portfolio.
The portfolio comprised 25 industrial, office, retail and leisure assets located throughout the UK.
The UK team had a clear remit to improve the income and capital values throughout the portfolio in preparation for an orderly disposal programme, to maximise capital recovery for the receivers. This involved the implementation of an intensive asset management strategy, focussed primarily on existing tenant customers, letting vacant units and repositioning the assets.
The team completed the asset management and sales process for the receivers ahead of the planned disposal deadline and achieved an overall sale in excess of 13% of the portfolio’s latest valuation.