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Kaskády Barrandov

Mezanine financing - construction phase

Net yield
4,4

% p. a.

54,250,000

CZK

Invested

54,250,000

CZK

 

The details below are valid as of the start of the fundraising period, 1/10/2021.

Investors can find regular reports on the progress of the project at .

  • Invested

    54,250,000

    CZK

  • Expected maturity

    29

    months

  • Number of investments

    512
  • Minimum investment

    5,000

    CZK

  • Payments

    Interest paid on maturity

  • Project location

    Hugo Haase/Gollové, Praha 5

  • Developer

    FINEP HOLDING, SE

    More about the developer

  • Purpose of the loan

    Refinancing of part of the borrower's own resources invested in the project

  • Type of credit

  • Securing

    Surety statement of FINEP HOLDING, SE
  • Current project phase

    Building realization

  • Introductory summary
  • Product description
  • Popis projektu
  • Časový plán
  • Investiční analýza
  • Rizika
  • Kontrola
  • Developer
  • Introductory summary
  • Product description
    • Popis investičního produktu
    • Parametry participace
  • Popis projektu
  • Časový plán
  • Investiční analýza
  • Rizika
  • Kontrola
  • Developer
The text below was translated automatically. Therefore, we cannot guarantee the accuracy of the translations.

Introductory summary

We offer you participation in for the 13th and 16th phases of the Prague residential project Cascades Barrandov (Phases X and Y). Both apartment buildings will be developed simultaneously. The project has a building permit and construction work commenced in September 2021. The project will include a total of 147 residential units , four commercial units and 95 garage parking spaces. The project has been on sale since the summer of 2020, thus it has significant pre-sales, at 96% of minimum yields. The mezzanine loan is provided to refinance a portion of the funds loaned to the borrower by the parent company. The loan is secured by a notarial deed of direct execution and acknowledgement of debt and a surety statement of the capital strong parent company FINEP HOLDING, SE.

Interest is capitalized during the loan relationship and is payable together with the principal no later than the final maturity date. The principal may be repaid in one lump sum or on an interim basis no later than the final maturity date. The loan has an expected maturity of approximately 30 months and can be repaid no later than 31 January 2025.

Under the loan agreement, the developer is obliged, among other things, to comply with the maximum debt-to-value ratio () and the maximum debt-to-cost ratio (). This maximum limit was set at 85.0% for LTV and 100% for LTC. As the developer is also implementing other phases of the project under the SPV loan, it is also required to comply with the company-level LTV of 85%.

Legal due diligence did not identify any facts that would jeopardise the granting of the loan. Emphasis was placed on assessing the contractual relationships of the project company, the validity of the public permits for construction and other potential legal risks.

Technical screening also did not identify any facts that would jeopardise the granting of the loan. The main focus of the technical screening was to check the valid construction permits, the works contract, the evaluation of the construction cost according to the works contract, the project schedule and other potential technical risks.

The conclusions of the sensitivity analysis shows that even with a decrease in construction prices up to 16 % below the minimum yields under the loan agreement (which are set at approximately 10% below the estimated yields under the loan) and without changing other assumptions, Upvest can be expected to repay the loan including accessories. The conclusions of the sensitivity analysis further indicate that a potential increase in construction costs of more than 15% over the maximum cost still provides a sufficient profitability level for the project at the 1,09x. Sufficient profitability of the project is maintained even if the overall schedule is extended by more than 10 months compared to the assumed 1,17x.

Among main risks of this investment opportunity include the risk of increased project costs, extended schedule and a decrease in sales prices (especially in relation to the possible termination of the already concluded FPAs). However, this is not an exhaustive list of project risks, of which there are many more.

Popis produktu

Participace na za účelem financování developerského projektu Kaskády Barrandov X/Y v Praze.

Developerem projektu je společnost FINEP, která v rámci České republiky a Slovenska postavila více než 13 500 bytů v desítkách úspěšně dokončených projektů. Společnost FINEP se věnuje rezidenčnímu i administrativnímu developmentu již více než 25 let. Úvěrovanou společností je dceřiná společnost FINEPu, určená pro realizaci vybraných etap rozsáhlého rezidenčního developerského projektu Kaskády Barrandov, a to společnost FINEP BARRANDOV bytová k.s.

Developer využije mezaninový úvěr od Upvest pro účely refinancování části vlastních zdrojů vynaložených v rámci projektu. Úvěr je poskytován po dobu stavební realizace projektu.

Úvěr Upvest bude zajištěn ručitelským prohlášením mateřské společnosti úvěrovaného FINEP HOLDING, SE a notářským zápisem k přímé vykonatelnosti a uznání dluhu. Úroky budou po dobu úvěrového vztahu kapitalizovány a splaceny společně s jistinou. Jistina bude splacena jednorázově nebo postupně z výnosů projektu, nejpozději však k datu konečné splatnosti.

Popis investičního produktu

Product

(participation in and losses from )

Refinancing of part of the borrower's own resources invested in the project
Location of the financed projectHugo Haase/Gollové street, Prague 5 - Hlubočepy
Lender upvest s.r.o.; borrower FINEP BARRANDOV bytová k.s.
Investment objective54 250 000 CZK
Total 547 577 231 CZK excluding VAT
of which financed 439 700 000 CZK
of which financed from Upvest54 250 000 CZK
of which financed by client payments receivedCZK 53 627 231
Minimum investment amount5 000 CZK
Maximum investment amountCZK 3 000 000
Type of interest
Interest capitalised and repayable together with the principal, principal repaid in one lump sum or on an interim basis no later than the final maturity date from project proceeds
01.10.2021 - 14.11.2021
Estimated start of interestAfter
Loan maturity from upvest
12 months after the loan is drawn (15.11.2022)
30 months (31.03.2024)
40 months (31.01.2025)
Securing a loan

Surety statement of FINEP HOLDING, SE

Project companyFINEP BARRANDOV bytová k.s.

Parametry participace

Developer může splatit úvěr od Upvest nejpozději v den konečné splatnosti a to jednorázově, anebo po částech. Investor se podílí na výnosech ode dne úspěšného fundraisingu až po úplné splacení úvěru. Samotné úročení na načerpané části jistiny začíná dnem čerpání úvěru developerem a končí dnem obdržením splátky dané jistiny úvěrujícím. Výnosy budou investorům vyplaceny bezodkladně po obdržení příslušné splátky úvěrujícím.

Developer může splatit úvěr od Upvest i před datem nejbližší splatnosti, za takové situace je výnos investorů chráněn pomocí poplatků pro developera, které jsou nastaveny v takové výši, aby dorovnaly nominální výnos, který by investor obdržel, pokud by byl úvěr splacen v den nejbližší splatnosti.

Časová prodleva mezi předpokládanou splatností a dnem konečné splatnosti umožňuje úvěrovanému splatit úvěr po dokončení stavební realizace, v momentu dosažení dostatečných prodejů pro úplné splacení seniorního úvěru a následně úvěru Upvest. Zároveň poskytuje rezervu pro případná prodlení v rámci stavební realizace či jiných komplikací.

0,6

% p.a.

Fee for the provision of payment services

4,4

% p.a.

Net income

Společně se splátkou jistiny po splacení úvěru.

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Contact

  • info@upvest.cz

    novyprojekt@upvest.cz

  • upvest s.r.o.
    Budova Churchill I – BASE
    Italská 2581/67
    120 00 Praha 2Vinohrady

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