Thames House and Vinopolis, London, UK

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Investment Date
Q1 2012

Exit Date
Q2 2015
(Fully Realised)

Asset type
Mixed use

Revcap strategy
Mixed use planning and promotion

Revcap Fund
SHCP III

Investment Type
Joint Venture Equity

Background and Opportunity

  • Initial £10m acquisition of Thames House for an office and residential conversion planning play next to Borough Market in London
  • JV with existing Revcap operating partner with significant local property and planning expertise
  • Option subsequently secured on neighbouring 2.45 acre leasehold Vinopolis site to allow a comprehensive retail led regeneration scheme to be promoted across both sites

Transaction Progress

  • The JV proceeded to put together the professional team and to progress pre-application planning procedures on a speculative basis for this complex re-development
  • JV worked up a planning application for a mixed use scheme of boutique retail and leisure, offices and residential of c. 200,000 sq ft
  • During the planning process, the JV was approached by a number of parties to acquire its position

Current Status

  • Transaction exited in Q2 2015 to an institutional investor after a limited auction when the Thames House property and the Vinopolis option were sold
  • The JV generated a very substantial equity return without taking final planning and development risks

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