A joint venture vehicle managed by AEW Europe/Tristan Capital Partners and Mountgrange Investment Management LLP (“Mountgrange”) has sold three high street retail assets from a portfolio acquired in September 2008. The properties were sold to funds run by CBRE Investors for a total of £15.3 million.
12/16 Northgate, Chester, let to Miss Selfridge, achieved a price of £7m, in line with the business plan aspirations of the joint venture. The second asset, 16 Packers Row, Chesterfield, was sold for £5.2m after a number of rent reviews and lease re-gears were completed to add value. Finally, 39-40 High Street, Birmingham, was sold for £3.1m following the completion of an extension of the lease to Levi Straus.
The joint venture managers were advised on this disposal by Savills and CBREi was advised by King Sturge.
Rob West, partner at Mountgrange, added: “We are pleased to dispose of these assets at our projected business plan having completed a number of asset management initiatives over the period of ownership”.
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For further information:
Tom Gough T: 020 7367 5228 M: 07717 896 701 E: tgough@headlandconsultancy.co.uk
About Mountgrange Investment Management LLP (MIM) MIM is a dedicated independent UK property fund and asset manager with a team of 12 experienced professionals drawn from the property and fund management industries. MIM has launched its first fund, the Mountgrange Real Estate Opportunity Fund (“MoREOF”) with committed capital of £300million drawn from investors around the world including endowment and pension funds, family offices, fund of funds managers, and high net worth individuals.
With debt, MoREOF has acquisition capacity of £850 million. MIM seeks to identify undervalued opportunities across a number of property segments and to maximise returns by applying its investment and asset management expertise.
About AEW Europe AEW Europe is one of the pre-eminent European real estate investment managers with over 250 professionals operating from 11 offices in Barcelona, Bucharest, Budapest, Düsseldorf, London, Luxembourg, Milan, Paris, Prague, Stockholm, and Warsaw.
AEW Europe together with its U.S. and Singapore affiliates have approximately €30 billion in gross assets under management, are a subsidiary of Natixis Global Asset Management and constitute a broad, well-established network of relationships with property investors, owners, developers and lenders across the globe.
Tristan Capital Partners is a London-based investment management boutique specialising in real estate investment strategies across the UK and continental Europe. Tristan is the sub-advisor/portfolio manager for the AEW Europe Funds European Property Investors and European Property Investors Special Opportunities.