Retail

In 1999 we acquired a job lot of 47 department stores from CRS, part of the Co-operative Group, for £69 million.  Immediately 10 were sold freehold to Primark.   An additional 33 were sold to owner-occupiers or let and then sold to investors.

The remaining four, located in prime retail pitches in Doncaster, Birkenhead, Swansea and Bath, were completely refurbished, split up and let to 21 good quality tenants, including GAP, JJB Sports, TK Maxx, Halfords, JD Sports and Arcadia.   The 21 units were then sold as a going concern to Threadneedle, acting for Allied Dunbar Assurance Plc, for £40.7 million in August 2002, realising a 7.6% yield.

Undoubtedly one of the most successful deals we've ever completed and a testament to our methodical approach and our eye for a deal.