Location: UK, various
Acquisition Date: March 2005
Purchase Price: £28.125m
Equity: £3.5m
Portfolio: 14 office properties
Status: Under management
We bought a high quality portfolio with good covenant strength, once again at the wholesale price, using structured investments including preferred equity with high leverage. On acquisition we wanted to improve the management of the portfolio, increase below market rents to current market levels and fully interrogate and exploit the development opportunities presented, before final disposal over the short/medium term through a combination of block and individual sales.