Background and Opportunity
- Acquisition from receivership of a 340 acre plot comprising a motor race track and ancillary parking in Corby, Northamptonshire
- Acquired in partnership with a longstanding Revcap JV partner who had been managing the property for the seller
- Business plan to obtain consent for car storage and to consider other commercial uses
Transaction Progress
- Race track closed down in an orderly manner and planning obtained to convert 300 acres to car storage use
- 15 year lease signed on 63 acres with a car logistics tenant at a rent representing a yield on cost on this element of c 20%
- Original Revcap acquisition bridge loan refinanced
Current Status
- Leased asset and residual land holdings sold in two separate transactions to generate a 5.3x equity multiple to KHCP IV
