UK Track record
We regularly outperform IPD and produce out-performing portfolios
Key portfolio facts include:
Acquired properties between 6.5% to 10% yields.
Exited at between 5% and 8% yields.
Growth in rental of 33.5% over 5 years.
Resulting in an ungeared IRR of 16.5% compared to IPD all property index IRR of 12.7%.
The Head of UK Property Pooled Funds at Aberdeen Asset Management, said …
“Centurion regularly demonstrated out-performance across £300m of our assets under a 5 year mandate and has consistently produced one of our best performing portfolios through intensive and active asset management. It is in this context that we have renewed their mandate.”
Kingsbury Business Park, Minworth - Combining intensive Asset Management with land acquisition and development to secure tenant retention.
A key tenant occupying over 100,000 sq ft was intending to leave the estate since it had become unsuitable and out-dated for its operation.
Worked with an occupier to redesign the interior of the existing space, and obtained planning permission for new loading areas with noise-mitigation for local residents. An adjacent poorer building was also purchased and demolished to accommodate a new operations centre.
The occupier signed a long lease at a record rent for the locality and the transaction attracted others to the estate.
Refurbished: 70% OF AREA
Reduced Void: 30% TO 15%
Increase in Income: 61%
IRR (Ungeared): 23.90%
Gastons Wood redevelopment, Basingstoke - Development Management. Vacant possession was secured on economically redundant buildings let on short leases to present a redevelopment opportunity of higher value land uses.
An office and industrial building were acquired where the leases were due to expire. Several feasibilities were configured for the site which had main road presence, including a hotel design, and fast food drive through.
The most profitable was thought to be a food retail store and an out of town retail warehouse, for which planning consent was obtained and the resultant buildings let to Lidl and Furniture Village.
An adjacent industrial estate was acquired, and by reconfiguring and combining existing industrial units, planning permission was achieved for Go-Outdoors and The Range.
Awkward Asset acquired in a portfolio
Office/Industrial to Retail use
Redeveloped for Lidl and Dunelm
Red Bull HQ, Milton Keynes - Realising profit through acquisition and trading
The HQ of Red Bull Racing F1 team was acquired with two years’ remaining on the lease, and an adjacent building had been acquired by the occupier, however, with two landlords, a reconfiguration was not possible.
The adjacent building was acquired resulting in Red Bull racing purchasing the proposed combined units. A substantial trading profit was obtained for the Fund.
Hold Period: 13 Months
Realised Profit: £2.8M
Realised IRR (Ungeared): 48%