UK Long Income

Investment requirements

Features

Sale and leaseback

Development forward-funding / commitments

Ground rents / long-term financing

Income strips

All leases on FRI. Triple net basis subject to a minimum 15 yr term 

Locations

All

Lot size

£20m-£500m+

Recent transactions

North Wharf Gardens, Paddington

Location: London 
Purchase price: £201.4m
Reasons for buyingAcquisition of a long leasehold interest in a development site in Paddington and subsequent forward funding of a c.617-room hotel pre-let to Premier Inn and Staycity. The property was let on two 30-year FRI leases subject to five yearly rent reviews linked to CPI compounded annually with a 0-4% collar.
Timing: January 2019

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Centre Square

Location: Middlesborough 
Purchase price: £22.9m
Reasons for buying: Acquisition of a long leasehold on a development site and forward funding of two office buildings pre-let to Middlesbrough Council. 35 year FRI lease with the tenant retaining an option to re-acquire the interest at the end of the lease with annual rent reviews in line with RPI with 0-5% collar.
Timing: August 2018

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Charterhouse Estate

Location: London 
Purchase price: £265m
Reasons for buying: Forward funding on Anglo American plc new corporate headquarters on a 25 year lease.
Key features: Just 150 metres from Farringdon station, an area with ongoing transformation driven by the introduction of Crossrail
Timing: Practical completion due in March 2021

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Contact the team

Shailendra Shah

Head of UK Long Income Investment

+44 (0)20 8162 0949