Palmer Capital has kicked of the year with a flurry of activity completing on c.£56m of acquisitions. These acquisitions comprise two assets. An off market industrial and office unit in Leamington Spa wholly occupied by Ricardo PLC for £15.4m reflecting a net initial yield of 5.2%. This was acquired on behalf of the Palmer Capital Income Fund. The second asset acquired on behalf of one of our Middle-Eastern clients, a retail warehouse let to B&Q PLC located in Hedge End, Southampton for £40.4m, reflecting a net initial yield of 6.6%.
Palmer Capital have an additional £400m to deploy into UK Real Estate and is currently looking to acquire assets which are approx. £5m – £200m and play to the following three investment themes:
- LONG DATED INCOME: Buying assets with >10 years of income with the ability to add value through management initiatives.
- URBAN ASSET CREATION: Acquiring UK urban assets that can be redeveloped into new residential (for sale or rent), PRS or office assets.
- PLANNING GAIN: Acquiring primarily brownfield sites in major UK cities, where planning consents can be readily obtained for residential, and then sold
Top Recent Deals:
B&Q, Southampton (January 2018)
Acquisition of B&Q retail warehouse located in one of the premier out-of-town retail locations in Hedge End, 5 miles from Southampton city centre for £40.4m for a Middle Eastern Client, reflecting a net initial yield of 6.6%.
VALUE ADD / OPPORTUNISTIC
Crompton Way, Manor Royal Industrial Estate, Crawley (November 2017)
The site, acquired for £5m, comprises 2.1 acres on the one of the South East’s most established and recognised industrial areas, prominently located 5 minutes from Gatwick Airport and in close proximity to both the M23 and M25.
Shepperton, South West London (December 2017)
A 11-acre site in Shepperton, was acquired for £7.0m. Business plan is to to seek planning permission for residential and care home development.
If you have opportunities which fit the above requirements then do get in touch with: