We worked with Evolve Estates to highlight an opportunity for growth within their portfolio that required extensive asset management.
Challenge
Acquisition of a portfolio of retail assets off-market. To achieve a successful outcome the portfolio required extensive asset management including new lettings, lease rehears and opportunistic asset sales.
How did Cited help?
Cited reported on the opportunity and, along with the client, inspected the nationwide assets. Locations stretched from the south-west Plymouth to the north-east Jarrow.
Through a direct engagement with the Vendor and their advisors, the portfolio was agreed off-market. Once agreed, the assets were analysed and the risks and opportunities were identified, with these then delegated the appropriate Cited team member for assistance.
Cited supported our client through the purchase and we were delighted to have delivered new lettings and also secured several key lease extensions with tenants including Go Outdoors and Poundland. In addition, Cited identified an opportunity to dispose of one of the assets at an attractive premium to the purchase price, and this was negotiated and completed successfully alongside the portfolio purchase.
What was the result for the client?
The client has secured an eclectic mix of assets at an attractive blended price and net initial yield. Through the efforts of the Cited team, the performance of the portfolio has been enhanced thanks to key asset management initiates being executed alongside the purchase.
