Citicourt Investment Partners has exchanged contracts to buy The Imperial Portfolio of five Scottish office and industrial properties from Antler for £24.2 million (approx. €33 mln) reflecting a net initial of 6.4%.
When this deal completes, the co-investment vehicle of Anthony Browne and John English, will have bought £140 million (approx. €193 mln) of UK property alone in just seven months. It has now spent close to €300 million (approx. €413 mln) as it romps towards its goal of building a £500-million (approx. €689 mln) UK and German Portfolio.
The properties, which are all located in central Scotland, total 182,166 ft² and generate a total income of £1.57 million (approx. €2,17 mln) per year. Tenants include Scottish Ministers, Scottish Equitable, Hewden Stuart, Bellway Homes, Christian Salvesen Distribution and Crown Worldwide Holdings.
Browne said, "These are extremely well let assets on substantial leases, and yet there are also asset management opportunities inherant within the portfolio. We remain confident that with this and other deals under review, Citicourt will achieve its short to medium term ambitions."
The portfolio consists of 1 Ellsmuir Way in Tannochside, Uddingston, Cullen Square, Deans Industrial Estate, Livingston, Bothwell House and Waverley House on Hamilton Business Park, Hamilton and South Gyle Crescent Lane, Edinburgh.
Citicourt funded the purchase with senior debt from Norwich Union and a mezzanine finance facility from a Rothschild and dd2group venture. Cluttons advised Citicourt Investment Partners and Montagu Evans advised Antler.