SALE USING INNOVATIVE SECURE INCOME STRATEGY

WESTON SUPER MARE

Ellandi were instructed to deliver a timely sale of the asset at the highest possible price

Strategy:

Focus on an exit to North Somerset Council who had been investing heavily in the town centre
Demonstrate the qualities of the asset to the Council given it is the fulcrum of the town, whilst benefitting from a significant portion of NOI secured against the principal town centre car park
Present funding options including income strip and PWLB

 

Outcome:

Sold the asset to North Somerset Council for £20.20m / 8.00% NIY in August 2018
North Somerset Council simultaneously entered in to an income strip agreement with L&G over the scheme, on the basis of a lowly geared and index linked head rent of approx 40% of NOI in year 1

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