Case Studies

 

Case Study 3 - Strategy & Analysis

As a highly experienced and knowledgeable team we are well versed in analysing complicated properties and portfolio situations.  The two examples below are those in which the analysis of the property and understanding of the market and our clients’ strategy has enabled transactions to occur in testing market conditions. 

 

granite_230Sale of The Granite Portfolio and other properties for Aberdeen Asset Management for £17.49m

Aberdeen Asset Management approached Lewis Ellis to advise on the potential disposal of a number of smaller assets held within the Aberdeen City Council Pension Fund.

A variety of sales strategies were recommended to achieve best price for the Fund.  Nine of the properties were identified as being best sold as a UK-wide mixed-use portfolio which was offered to the market as The Granite Portfolio and which sold (less Sutton) for £11m.  The property on High Street, Sutton was subsequently sold for £2.89m as a single asset.  

A central London office on 4 Fitzhardinge Street was identified as achieving best price if offered to specialist Central London owner occupiers and investors.  This sold, after in excess of 35 viewings, for £3.6m, substantially above our client's expectation. 

There were also a number of assets which we recommended would not suit a portfolio or an immediate single asset disposal and should be held until an appropriate time.

  

gillingham_230Acquisition of Gillingham Business Park for Threadneedle for £32.2m

The property, being marketed by Henderson Global Investors, was put under offer by an institution, but after several months in lawyers hands the transaction fell through.   Threadneedle did not have available funds at the time of the original marketing, however Lewis Ellis monitored the progress of the sale and when new funds became available at Threadneedle we saw an opportunity to acquire the property.

We were able to agree terms for the investment within five days following inspection and detailed appraisals of this highly complicated property, which comprises 690,000 sq ft of distribution, industrial, trade counter, office, car showroom, retail warehousing and (even) an ice rink, held on 105 tenancies.  Furthermore, the property is held under two complex long leases from the Council and also has a number of ground leases and two development sites.

We were able to work to a tight deadline with Threadneedle’s other professional advisers to close the transaction within five weeks.



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