London-based Citicourt Investment Partners has kicked off what it says is a major investment drive in the UK with the acquisition of a 90,000-m[sup]2[/sup] portfolio of retail and commercial properties for £70 mln (EUR 81 mln).
London-based Citicourt Investment Partners has kicked off what it says is a major investment drive in the UK with the acquisition of a 90,000-m2 portfolio of retail and commercial properties for £70 mln (EUR 81 mln).
Citicourt is a London-based privately owned real estate investment company combining property veterans Anthony Browne, John English and wealthy co-investors. The firm has recently carried out fresh equity raisings 'from New York through to the Middle East' to fund investment in the UK where real estate prices have tumbled in the last 12-18 months.
The portfolio acquired from UK fund managers Henderson and Threadneedle comprised five retail and 14 commercial properties. The deal was financed with £21 mln of equity, and debt provided by Abbey bank.
Threadneedle is launching a new fund to cash in on the opportunities in the UK. Citicourt says more deals are on the way. Brown, Citicourt's CEO, is said to be finalising terms on a further £140 mln of property deals in two other institutionally owned mixed-use portfolios.
Citicourt now owns £350 mln of property assets but has sufficient equity to grow the portfolio beyond £600 mln in the short to medium term. I've been away from the UK a lot, heading Citicourt's successful run of equity-raising in the US and Middle East.,' said Brown. 'We share this sentiment, which has prompted our return to the UK market, with the essential caveats of detailed acquisition focus, strong bank support, and extremely well considered stock selection.'
