Project
Q4 2017
Size
185,000 sq ft
Background
Acquired in a JV with KKR along with two other assets, known as the Tuscany Portfolio
Development Initiatives
- Purchased with 2 vacant units, which were let to Tapi and B&M.
- Achieved planning consent on the Atlas site which was prelet to The Range.
- Successful in increasing the leverage at the second year refinancing of the asset, allowing an additional £6.5m debt to be drawn. Development Finance structured which allowed for a further £5.2m to be drawn to cover development costs for asset repositioning.
- Achieved planning consent for three additional pods (which were let to Starbucks, McDonald’s and KFC) which improved the food and beverage offer on site.
- The car park and landscaping have been redesigned and replaced to modernise the scheme and protect its position in the retail hierarchy.
- Achieved successful regears on B&Q and Curry’s for 10 and 5 years respectively.
Exit
- Retail Park sold to Sidra Capital for £57.0m.
- Atlas Site sold to Kier Properties for £3.0m.
- At sale the NOI was over £200,000 above the original underwrite. KKR sold the retail park in Q4 2017 for £57.0m reflecting 6.18%.
| Size | Status | Deal Type |
| 185,000 sq ft | Sold in 2018 with an IRR of 20.6% and a 1.65x EM. | Acquisition and AM |