Allied to its fund management arm, PCP has combined its property and financial expertise to allow it to both finance and carry out large scale developments and development-based portfolio sale and leasebacks.

This unrivalled ability was demonstrated when PCP, in partnership with Deutsche Bank, undertook a leaseback deal with Somerfield. PCP acquired a portfolio of 105 petrol filling station sites from Texaco and then leased them to Somerfield on 20-year fixed uplift leases. PCP backed companies were responsible for redeveloping the sites from their existing traditional kiosk format into larger Somerfield convenience store formats.

The project has a completed development value of circa £200 million, and was one of the largest “sale and leaseback” development deals in the UK in recent years.