£ 166 M ACQUISITION BY NEW JOINT VENTURE Prestbury Investment Holdings Limited and West Coast Capital Establish Joint Venture A 50 50

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£ 166 M ACQUISITION BY NEW JOINT VENTURE Prestbury Investment Holdings Limited and West Coast Capital Establish Joint Venture A 50 50 Powered By Docstoc
					                £ 166 M ACQUISITION BY NEW JOINT VENTURE

    Prestbury Investment Holdings Limited and West Coast Capital Establish Joint
                                     Venture


A 50/50 joint venture between Prestbury Investment Holdings Limited and Tom Hunter’s
West Coast Capital has exchanged contracts to acquire a portfolio of three properties for
c £166 million from MEPC Limited.

The deal brings together the property guru, Nick Leslau and Tom Hunter the serial retail
entrepreneur who will combine their skills to generate increased returns from the initial
portfolio.

Commenting on the new joint venture, Tom Hunter, Partner in West Coast Capital the
private equity fund he established earlier this year with leading corporate advisor, Jim
McMahon said;

“By combining the skills of the two companies we believe we can drive returns through
delivering products innovatively designed to cater for existing and future property
markets. This is a significant deal for West Coast Capital, one which I believe will
deliver an exciting new venture into the property markets.”

Nick Leslau, Chairman & Chief Executive of Prestbury Investment Holdings Limited
commented;

“This portfolio offers us an opportunity to apply the skills of both companies to deliver
substantial returns whilst offering excellent products to the market. In particular I believe
Babcock Park offers an opportunity akin to that of Heywood Distribution Park,
Manchester in its potential.”

The portfolio comprises the following:

Kensington Arcade              180,000 sq ft of prime offices, and retail, held
                               predominately freehold with some long leasehold. This is a
                               prime site of High Street, Kensington, LondonW8 and the
                               shopping arcade which forms part of the entrance to High
                               Street Kensington Underground station.

Babcock Park                   A feuhold industrial/business estate adjacent to Glasgow
                               International Airport, comprising some 1.7 million sq ft of
                               which approximately 700,000 sq ft is vacant. There is also
                               17 acres of development land.

Norrey’s Park                  A 133,000 sq ft freehold business park built in the mid
                               1980s, situated just off the junction of the A404 with the
                               M4, close to Maidenhead town centre.

The net yield is 7.3% and is expected to rise significantly over the next 24 months.

Franc Warwick acted as agent on the transaction.

Notes: The Heywood Distribution Park was turned round from being a run down,
underdeveloped site into a state of the art, premier distribution centre, acquired for
£ 20m and sold four years later for £ 80m.

				
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