Hi all I have three questions that I'm having a tough time finding the answer to online:
1. How do you underwrite acquisition opportunities on a share deal basis? From my understanding, basic underwriting is done on as an asset deal however in Europe it's common to calculate on a share deal basis in order to save euros on the transfer tax when acquiring/disposing of an asset/portfolio.
For example: the portfolio asking price is €100m for both assets combined for a share deal with transaction costs estimated at 1.5%.
How would you model and calculate a share deal differently from an asset deal?
2. How do you calculate a fund's Gross Asset Value per annum (GAV) and it's ongoing fund expenses of 0.20%?
3. How do you calculate a fund's Net Asset (Equity) Value per annum (NAV) and it's fund management fees of 1.25%?
Any intel is greatly appreciated.
