Our Portfolio To Date

GE Manufacturing Facility

Cramlington, Northumberland

 

Description
Headquarters office and manufacturing facility

Purchase Price
£11.08 million

Net Initial Yield
5.75%

Size
74,110 sq ft

Acquisition Structure
Pre-let forward funding

Date Acquired
March 2017

Rent Review
Retail Price Inflation (RPI)

Tenant/Guarantor
GE UK Group

Lease Term
20 years, without break, from completion of construction works

Q-Park

Sheffield City Centre

 

Description
Multi-storey town centre car park

Purchase Price
£19.1 million

Net Initial Yield
5.2%

Size
531 parking spaces

Acquisition Structure
Built asset

Date Acquired
March 2017

Rent Review
Retail Price Inflation (RPI)

Tenant/Guarantor
Q-Park N.V.

Lease Term
28.5 years unexpired, with no break

Travelodge, Starbucks & Greggs

Melksham, near Bath

 

Description
Travelodge budget hotel, with ancillary Starbucks coffee drive-thru and Greggs retail unit

Purchase Price
£6.2 million

Net Initial Yield
5.91%

Size
60 bedroom hotel, 1,800 sq ft Starbucks and 1,500 sq ft Greggs

Acquisition Structure
Pre-let forward funding

Date Acquired
March 2017

Rent Review
Travelodge - Consumer Price Inflation (CPI); Starbucks – Retail Price Inflation (RPI); Greggs – Open market value (OMV)

Tenant/Guarantor
Travelodge Hotels Limited, Starbucks Coffee Company (UK) Limited and Greggs plc

Lease Term
Travelodge - 25 years, with no break; Starbucks –
15 years, with no break; Greggs – 10 years (5 year break)

Travelodge

Haverhill, Essex

 

Description
Travelodge budget hotel

Purchase Price
£5.5 million

Net Initial Yield
5.92%

Size
80 bedroom hotel, 100 cover restaurant

Acquisition Structure
Built asset

Date Acquired
March 2017

Rent Review
Retail Price Inflation (RPI)

Tenant/Guarantor
Travelodge Hotels Limited

Lease Term
24 years unexpired, with no break

Cambridge Belfry Hotel

Cambourne, Cambridge

 

Description
4 star, full service hotel

Purchase Price
£18.53 million

Net Initial Yield
6.1%

Size
120 bedrooms

Acquisition Structure
Built asset

Date Acquired
April 2017

Rent Review
Consumer Price Inflation (CPI)

Tenant/Guarantor
QHotels Holdings Limited

Lease Term
22 years unexpired, with no break

Premier Inn & Beefeater

Whitley Bay, North Tyneside

 

Description 
Premier Inn budget hotel and Beefeater restaurant

Purchase Price
£6.26 million

Net Initial Yield
5.0%

Size
68 bedrooms and 190 cover restaurant

Acquisition Structure
Pre-let forward commitment

Date Acquired
April 2017

Rent Review
Consumer Price Inflation (CPI)

Tenant/Guarantor
Premier Inn Hotels Limited

Lease Term
25 years, with a one-off break right at year 20, from completion of construction works

Aldi – Anchored Retail Park

Bradford, Yorkshire

 

Description     
Discount retail park pre-let to Aldi, Home Bargains, Starbucks, Greggs and Heron Foods

Purchase Price     
£11 million

Net Initial Yield    
6.15%

Size     
46,000 sq ft

Acquisition Structure     
Pre-let forward funding

Date Acquired     
May 2017

Rent Review     
Aldi, Starbucks and Greggs - Retail Price Inflation (RPI); Home Bargains and Heron Food – Open market value (OMV)

Tenant/Guarantor     
Aldi Stores Limited, TJ Morris Limited (t/a Home Bargains) Starbucks Coffee Company (UK) Limited, Greggs plc and Heron Food Group

Lease Term     
Aldi - 20 years, with no break; Home Bargains – 15 years, with no break; Starbucks – 15 years, with no break; Greggs –  10 years with no break

Travelodge, Starbucks & Subway

Swindon, Wiltshire

 

Description
Travelodge budget hotel, with ancillary Starbucks Coffee drive-thru and Subway drive-thru restaurant

Purchase Price
£8.28 million

Net Initial Yield
5.80%

Size
70 bedroom hotel, 1,800 sq ft Starbucks and 1,250 sq ft Subway

Acquisition Structure
Pre-let forward funding

Date Acquired
May 2017

Rent Review
Travelodge – Consumer Price Inflation (CPI); Starbucks – Retail Price Inflation (RPI); Subway – Open market value (OMV)

Tenant/Guarantor
Travelodge Hotels Limited, Starbucks Coffee Company (UK) Limited and Subway Realty Limited

Lease Term
Travelodge – 25 years, with no break; Starbucks – 15 years, with no break; Subway – 15 years (6 and 11 year break)

SIG Manufacturing Facility

Carlisle, Cumbria

 

Description

Manufacturing facility

Purchase Price

£9.3 million

Net Initial Yield

7.0%

Size

248,333 sq ft

Acquisition Structure

Built asset

Date Acquired

June 2017

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

SIG (Trading) Limited

Lease Term

25 years unexpired, with no break

Priory Care Home

Leeds, Yorkshire

 

Description

Care home

Purchase Price

£8.4 million

Net Initial Yield

6.30%

Size

75 en-suite bedrooms

Acquisition Structure

Built asset

Date Acquired

June 2017

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Priory Investments Holdings Limited

Lease Term

22.8 years unexpired, with no break

Supported Living Portfolio

Diverse locations across England

 

Description

Portfolio of specialist supported living properties

Purchase Price

£39 million

Net Initial Yield

6.0%

Acquisition Structure

Built assets

Dates Acquired

June, July, August and November 2017

Rent Review

Consumer Price Inflation (CPI)

Tenant/Guarantor

Housing Associations who are Registered Providers of social housing

Lease Term

25 years unexpired, with no break

Travelodge, Burger King & Little Chef

Ipswich, Suffolk

 

Description

Travelodge budget hotel and restaurants

Purchase Price

£5.0 million

Net Initial Yield

6.12%

Size

40 bedroom hotel, 4,000 sq ft restaurant

Acquisition Structure

Built asset

Date Acquired

July 2017

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Travelodge Hotels Limited

Lease Term

20 years unexpired, with no break

Travelodge, Costa Coffee & KFC

Camborne, Cornwall

 

Description

Travelodge budget hotel, with Costa Coffee drive-thru and KFC drive-thru restaurant

Purchase Price

£6.7 million

Net Initial Yield

6.15%

Size

63 bedroom hotel, 1,800 sq ft Costa Coffee and 2,950 sq ft KFC restaurant

Acquisition Structure

Pre-let forward funding

Date Acquired

July 2017

Rent Review

Travelodge - Consumer Price Inflation (CPI); Costa Coffee and KFC – Open market value (OMV)

Tenant/Guarantor

Travelodge Hotels Limited, Costa Limited and KFC Franchisee

Lease Term

Travelodge - 25 years, with no break; Costa –

10 years, with no break; KFC – 20 years (10 year break)

Priory Care Home Portfolio

Diverse locations across Northern Ireland

 

Description

Portfolio of three specialist care homes

Purchase Price

£14.9 million

Net Initial Yield

6.5%

Acquisition Structure

Pre-let forward commitment and built asset mix

Date Acquired

August 2017

Rent Review

Fixed uplifts of 2.5% pa

Tenant/Guarantor

The Priory Group

Lease Term

29 years unexpired, with no break

Premier Inn

Middlesbrough, North Yorkshire

 

Description

Premier Inn budget hotel

Purchase Price

£6.2 million

Net Initial Yield

5.10%

Size

83 bedroom hotel

Acquisition Structure

Pre-let forward commitment

Date Acquired

August 2017

Rent Review

Consumer Price Inflation (CPI)

Tenant/Guarantor

Premier Inn Hotels Limited/Whitbread PLC

Lease Term

25 years from completion of construction works, with a one-off break right at year 20

Motorpoint car showroom

Burnley, Lancashire

 

Description

Car showroom

Purchase Price

£5.7 million

Net Initial Yield

6.5%

Acquisition Structure

Built asset

Date Acquired

August 2017

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Motorpoint Limited

Lease Term

19.8 years unexpired, with no break

Supported Living Portfolio

London (50%), Devon (30%), Surrey (14%), Essex (4%) and Northamptonshire (2%)

 

Description

Portfolio of specialist supported living properties

Purchase Price

£18.9 million

Net Initial Yield

6.0%

Acquisition Structure

Built assets

Date Acquired

October 2017

Rent Review

Consumer Prices Inflation (CPI)

Tenant

A specialist Housing Association, which is a Registered Provider of social housing

Lease Term

35 years unexpired, with no break

Lidl food store

Chard, Somerset

 

Description

Discount food store pre-let to Lidl

Purchase Price

£5.5 million

Net Initial Yield

5.75%

Size

23,500 sq ft

Acquisition Structure

Pre-let forward funding

Date Acquired

October 2017

Rent Review

Retail Prices Inflation (RPI)

Tenant

Lidl UK GmbH

Lease Term

25 years from completion of works, with a break right in year 15

Prime Life Care Home Portfolio

Leicestershire and Lincolnshire

 

Description

Five modern, purpose built care homes

Purchase Price

£28.5 million

Net Initial Yield

6.5%

Acquisition Structure

Built

Date Acquired

November 2017

Rent Review

Retail Prices Inflation (RPI)

Tenant/Guarantor

Prime Life

Lease Term

31 years unexpired, with no tenant break

Premier Inn hotel

East Midlands

 

Description

Premier Inn budget hotel

Purchase Price

£6.9 million

Net Initial Yield

5.2%

Size

91 bedrooms

Acquisition Structure

Pre-let forward funding

Date Acquired

November 2017

Rent Review

Consumer Prices Inflation (CPI)

Tenant/Guarantor

Premier Inn Hotels Limited; Whitbread Group PLC

Lease Term

25 years, with no tenant break, from completion of construction works