Wisma Atria and Ngee Ann City
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US$95 million in equity and equity-linked debt financing to purchase an approximate 40% stake in Wisma Atria (www.wismaonline.com) and Ngee Ann City (www.ngeeanncity.com.sg), prime retail and office properties along Orchard Road
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Led consortium with German insurance companies ERGO and Provinzial
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World class properties with Grade A tenant mix and locked-in long-term lease agreements
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Occupancy levels consistently above 90% with buoyant monthly shopper traffic averaging 3.5 million pax
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Prestigious location with high end positioning, attracting marquee tenants
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Consortium decides to support a public listing after turning down bids from two competing Singapore REITs
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Li-Ka Shing-controlled Suntec REIT was among the active suitors seeking to acquire these prized properties
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Wisma & Ngee Ann City listed as a REIT (originally Macquarie MEAG Prime REIT, now Starhill REIT) in Singapore with an initial market capitalization of US$600 million
Rubicon Offshore International
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US$355 million invested to assemble portfolio of Floating Production System vessels (“FPSO”) operating in the Asia-Pacific region under brandname “Rubicon International” (www.rubicon-offshore.com)
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FPSOs are used in the energy industry for the exploitation of offshore reserves, allowing hydrocarbons to be extracted from the sea floor, before being processed into stabilised crude oil, stored and then delivered
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FPSOs are highly customized to cater to project-dependent requirements
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Rubicon acquired vessels being used for other purposes and then fitting them with the necessary equipment to operate as FPSOs
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Fleet had 2.2 million barrel total storage capacity and 160,000 barrel per day crude processing capacity
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At full deployment, Rubicon’s fleet generates US$110 million of EBITDA per year
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At 8.5x – 11.5x EV/EBITDA, worth $850mn – $1,250mn on an asset basis
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Presidio sold its stake in Rubicon to another fund manager at a substantial premium to Presidio’s investment cost
Manila Metro Rail Transit System
- US$300 million investment in one of MRTC’s elevated light rail systems in Manila, the Philippines called MRT3 (www.dotcmrt3.gov.ph)
- 500,000+ fares per day
- Located on EDSA, a main thoroughfare
- MRT3 went into default due to low regulated fares imposed by the government
- Presidio took effective control of MRT3 with its partners through its investment
- Acquired substantial representation on the MRTC board of directors and was appointed as MRTC’s advisor for restructuring of MRT3
- Worked with Department of Transportation & Communication, Department of Finance, Department of Budget & Management and certain state-owned banks including Land Bank and Development Bank to undertake a debt restructuring
- Land Bank and Development Bank bought back Presidio’s debt leading to substantial gains for Presidio and a solvent MRT3