Kwik Fit Portfolio, UK

Background and Opportunity

  • Acquisition from an institutional seller and a private family of 91 roadside retail units let on a long term basis to Kwik Fit, a roadside tyre and exhaust specialist
  • 522,000 sq ft of property acquired with a WALT of 17 years, a favourable rent review structure and an extremely diverse geographic profile
  • Business plan to actively manage the portfolio, seeking to exploit redevelopment opportunities whilst collecting a solid income stream

Transaction Progress

  • A number of weaker assets were sold in auctions and private treaty sales
  • The investor enjoyed a strong equity cash on cash yield while enhancements were pursued

Current Status

  • Remaining portfolio was sold to an overseas institutional investor in Q3 2017 at a price ahead of business plan