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Revcap strategy Distressed purchase /
Portfolio build up
Revcap Fund KHCP II / SHCP III
Investment Type JV Equity /
Platform Investment
Background and Opportunity
Carisbrooke’s management had a short window to acquire an overleveraged loan secured on Carisbrooke’s property portfolio for over £70m from its distressed lender
A 26 property portfolio was predominantly made up of industrial and office assets acquired at an initial yield of 12%+
Revcap was able to bring together all the capital required to purchase the loan without the need to obtain third party debt
Transaction Progress
4 further assets were added to the portfolio after the purchase of the loan position
After some asset management initiatives, most of assets were sold in a portfolio sale to an institutional investor in 2014
Several assets were also sold individually
Current Status
Transaction fully exited generating an IRR of 35%+ and a substantial promote paid to management
Members of the management team have created Castlebrooke Investments as a successor business to focus on UK urban regeneration
Revcap owns a minority stake in Castlebrooke Investments