Background
Cited Property advised Sheet Anchor Evolve and M Core on the off-market acquisition of two income-producing shopping centres from NewRiver Retail.
The assets, located in Leith and Wallsend, delivered a combined Net Operating Income of approximately £1.5 million per annum.
The Challenge
Following agreement of the off-market transaction, there was pressure to complete the transaction at speed, while undertaking full commercial and asset-level due diligence.
A number of unforeseen issues emerged during the process, including the corporate restructuring of a key tenant, creating potential income and risk considerations that needed to be addressed without delaying completion.
Our Approach
Cited Property’s Capital Markets and Landlord teams worked in an integrated manner to protect income, manage risk, and progress asset management opportunities in parallel with the acquisition.
This collaborative approach enabled swift problem-solving, informed investment decisions, and clear visibility on value creation from day one.
The Result
The clients completed the acquisition at an attractive net initial yield in excess of 10%, with multiple income-enhancing and risk-mitigating initiatives already underway at completion, positioning the portfolio for early performance upside.
