Local Retail Partnership (Pears)
A portfolio of 13 retail parades geographically spread throughout England
Date
May 2000
Transaction Size
£ 50m (Total transaction size for LRP)
Principal Investor
HSBC Property Investments Ltd
Accomplishments
Enhanced income/value by rent reviews, lease renewals, re-structuring leases, re-letting vacant units and reducing non-recoverables
Parades were mainly split up and sold as individual units to investors and tenants through private treaty or the auction room
Exit & Returns
Sold 10 months ahead of business plan at 22% ahead of business plan exit price
IRR of 60% (levered) excluding income
