Leeds Prime Office and Retail Asset, UK

Income Strategies

Background and Opportunity

Acquisition during the coronavirus pandemic of a city centre mixed use office and retail asset
Limited competition for a sizeable regional UK deal
Business plan to downsize and relocate certain tenants, regear and re-lease for long term income

Transaction Progress

Secured attractive senior debt financing and closed the transaction in Q2 2021
Completed design to improve common areas and roof terrace, and to increase and improve the flex office provision within the building

Current Status

Active tenant engagement to right-size and retain long term occupancy
Working with retail tenants to improve and increase their space as trading returns to pre-pandemic levels

Project Overview

REVCAP EQUITY INVESTMENT £44 million
INVESTMENT DATE Q2 2021
EXIT DATE TBC
ASSET TYPE Office and Retail
REVCAP STRATEGY Income Optimisation
REVCAP FUND Whitehawk
INVESTMENT TYPE Income Strategies - Core Plus Capital
PROPERTY SIZE 295,966 sq ft