US-based Varde purchased the Toucan and Peacock retail portfolios from Royal London Asset Management. The two portfolios were marketed separately and comprised of 14 properties with an annual rent approaching £4 million.
GCW secured both the portfolios with one offer in a competitive bidding situation and provided comprehensive pre-purchase due diligence. The two funds have different characteristics and sit well together. The Peacock range of properties offers well-let, secure income and the Toucan portfolio offers income from premium shops in very good towns.
GCW used its expertise to set out a business plan for each asset which included some sales.
Following the acquisition GCW has handled lettings when required and agreed a number of sales for a significant profit, seven months after acquisition. The sales included prime shops in Reading, Lincoln, Colchester and Cardiff for a combined total of £16.58 million.