HLIX understands the need for individual confidentiality and the process of covert diligence. We do not publish details of individual sales from the HLIX platform. All bidder identities are disguised. Buyers and sellers enjoy two-way anonymity in order to preserve “a level playing field”. Client privacy is of great importance to HLIX. The portfolio owner only sees the identity of the successful bidders.
Despite HLIX’s non-disclosure policy, some clients have spoken to the press without authorisation.
UK-based HLIX offers student halls in open bidding process
06 January 2014, 09:28 PM The UK-based transaction platform HLIX is offering for sale two multi-storey student halls of residence, Property Investors Europe has learned. The two are offered individually or collectively and have no contractual affiliation with the universities. The bidding process will be unusually open – similar to an English ascending-bid multiple round auction and conducted over one or two days. Informed sources said the assets, located in cities with large populations that are neither London or Manchester, offer 325 bedrooms in total and gross annual revenue of £1.75m. HLIX is opening the data room today, 7 January, and it will contain historical rent and operating cost data as well as all property information and vendor consents. Vendor representations and warranties will be minimal and short in duration.
The seller currently manages the properties in-house and will not extend management beyond 2014. “The novel bidding process which the vendor has adopted via HLIX is really the interesting part,” one source said. “After initial diligence, the process will be completely different from normal tendering, condensed in time but opened to more participants than a conventional tender. Eligible bidders will see real-time web-based, competitive offers from all bidders.” The bidding will be similar to an English ascending-bid multiple round auction over one or two days. At the conclusion of electronic bidding, the winner signs an MOU and commences typical final diligence.
Are whole loan sales “the third way?” The Cover magazine.
Hlix.co.uk are the makers and managers of an innovative whole loan trading platform. More about whole loan trading and the factors underlying the desire to trade in whole loan portfolios: a recent article about whole loan sales in The Cover, which as those in the business know is one of the leading voices in the world of covered bonds, published by Euroweek, pointed towards serious fears about asset encumbrance. £20 billion of legacy prime UK mortgages are sitting on the balance sheets of an assortment of originators. The motivations to offload are compelling as The Cover says: read the article here if you are a current subscriber.