Santander Portfolio, UK

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Investment Date
Q3 2015

Exit Date
Q3 2019
(Projected)

Asset type
High street retail units

Revcap strategy
Portfolio break up

Revcap Fund
KHCP III

Investment Type
Joint Venture Equity

Background and Opportunity

  • Purchase for £21m of a highly granular portfolio of 44 largely vacant former bank branches following a restricted marketing campaign
  • A delayed completion allowed back to back sales and lettings of many of the assets to be progressed
  • Limited value applied to upper parts by the seller

Transaction Progress

  • Active programme to lease and sell ground floor premises as well as to take advantage of value in ancillary space in the upper parts for residential and other uses

Current Status

  • 16 assets sold materially ahead of business plan
  • All bar 5 of remaining assets either let or in solicitors hands at an overall ERV ahead of underwriting
  • Considering portfolio sale of remainder to generate an equity IRR of 20%+

Back to Joint Venture Equity

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