21 Apr 2011

EPISO UK Asset Sales Raise £12.3 million

Source: Tristan Capital Partners Press Release

The joint venture vehicle managed by Tristan Capital Partners/AEW Europe and Mountgrange Investment Management LLP (“Mountgrange”) has sold two assets from a portfolio acquired for EPISO Fund in September 2008 for a total of £12.3 million. These two disposals, together with several other sales, mean that the managers have grossed £81.8 million from the portfolio since acquisition taking advantage market conditions and the results of asset management initiatives.

The first, a retail warehouse located in an established retail destination in Winchester Road, Southampton, has been sold to Ignis UK Property Fund for £1.85 million, reflecting a net initial yield of 6.67%. The retail warehouse extends to a GIA of c.11,500 sq ft. Other occupiers in the immediate vicinity include Wickes, Currys, and Pets at Home. The warehouse is let to Halfords Ltd on an FRI lease expiring in March 2021. Ignis Property Fund was advised by Savills.

The second property to be sold is Dale House at Wavertree Technology Park, Liverpool to The Sameer Group for £10.43 million, reflecting a net initial yield of 7.7%. The long leasehold office investment totals 97,659 sq ft (9,072 sq m) used by Barclays as a call centre. The lease to Barclays runs to September 2023.

“We hope our clients are pleased with the result. This was a unique opportunity to have early mover advantage in the UK markets and to joint venture with a like minded team”, said Ric Lewis, CEO of Tristan Capital and Senior Portfolio Manager of EPISO, LP.

The joint venture managers were advised on this disposal by King Sturge and The Sameer Group was advised by CBRE.

For further information please contact:

Monica O’Neill, Tristan Capital Partners

Tel: +44 (0)20 3463 8868      e-mail: moneill@tristancap.com