Alpha Real Capital LLP (“Alpha”) today announces the completion of two ground rent transactions by the Index Linked Income Fund (“ILIF” or “the Fund”) for a total net consideration of approximately €103m (£88m).
On 4th August ILIF completed the acquisition of 28 Dobbies Garden Centres in a ground rent sale and leaseback transaction. The transaction supports the recent acquisition of the Dobbies Garden Centres Limited by an investor group led by Midlothian Capital Partners and Hattington Capital. The properties are geographically spread across the UK. Total net consideration was approximately €99m (£85m).
The Fund also recently completed the acquisition of a ground rent over the Kenwood Hall Hotel in Sheffield created through a sale and leaseback to support the acquisition of Kenwood Hall Hotel by Vine Hotels, an experienced hotel investor and operator. Total net consideration was approximately €3.5m (£3m).
Mark Rattigan, Partner and the Fund Manager for ILIF said: “We are delighted to have partnered with the acquirers of Dobbies Garden Centres to support them in their acquisition of the business. We have acquired high quality assets with a good geographic diversification.”
Patrick Grant, Partner and Head of Origination said: “We were able to secure both transactions off market by demonstrating to the acquirers our ability to make quick decisions and work in partnership to support their acquisition timetables.”
Andrew Bracey, Partner at Midlothian Capital said “We are delighted to have had the opportunity to work with Alpha Real Capital and their ILIF fund in the acquisition of Dobbies. They worked in a true partnership manner with us, we very much look forward to working together with Alpha on new projects”
