Location: UK, Barnstaple
Acquisition Date: Oct. 2003
Purchase Price: £4.475m
Equity: £0.905m
Portfolio: Shopping centre
Status: Sold, £6.265m
This was another opportunistic acquisition offering an excellent 'secondary' location opposite an established shopping centre. The assets offered strong covenant strength to attract leverage. We added to the stock and enhanced its appearance before re-branding the operating platform with a new vision and philosophy. We were able significantly to increase below market rents and maximise sales value by selling a much improved asset.