Acquisition of 30+ units

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30+ Acquisition of former Wilko units
Retail Sector

What challenges did our client have?

We needed to identifying and agreeing deals on a high number of stores within the strict timescales imposed by the Administrator.

How did Cited solve the challenge?

Working closely with the acquisitions team at Poundland, Cited reviewed the entire Wilko portfolio, identifying key target locations, where Poundland had no representation whilst also targeting locations where the existing store was off pitch or too small for the ever-changing store requirements. This process resulted in Poundland taking options on from the administrator, Cited acted for Poundland in agreeing assignments of the majority of these stores, negotiating variations where necessary to secure the sites. This meant Poundland were able to re brand/re open these stores under the Poundland fascia.

What was the result for the client?

The result is the additional store openings of 30+ former Wilko units, all of which transacted in a very quick and efficient manner and adding stores to Poundland’s growing portfolio in key strategic locations throughout the UK, satisfying numerous requirements.

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"Our involvement on this asset stretches back to 2017 when we helped AEW on the acquisition. Since then our team have remained involved, helping to bring new life to the parade with occupiers including Specsavers and Kokora. It was a pleasure to be asked to assist on the sale, and to achieve such a fantastic price, some 25% ahead of valuation, was a great way to complete the story."

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AEW Bradley Maher - Director

"This was a complicated purchase of multiple assets located nationwide. The challenge was largely the appeal, as we could see real value creating potential in this portfolio. Once we had agreed the purchase, off-market, we helped our client prioritise the most attractive value-enhancing asset management. Cited's existing relationships with occupiers and the agency community helped us significantly improve the purchase metrics ahead of the purchase completion."

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Evolve Estates Bradley Maher - Director

"Cited are committed to deliver on Claire’s business plan of 10+ new stores a year in the UK, entering new locations, as well as relocating existing stores. At Cited, we pride ourselves on our ‘hands on’ approach to work. From identifying new store opportunities on town trips, negotiating terms, through to completion, we ensure we are there every step of the way to advise our client as best as possible. "

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Claire’s Accessories Josh Gettins - Surveyor
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