Property Portfolio
To date, the Group has acquired two property portfolios.
The first of these is the City Lands portfolio. This portfolio comprises 180,000 sq ft of commercial accommodation in 24 properties let to 54 occupational tenants. The portfolio was valued by CB Richard Ellis at £35.2 million in June 2007.
The rental income and geographic locations of the assets are as follows:
| Sector | Number | Percentage of Rental Income |
|---|---|---|
| Retail | 13 | 53% |
| Industrial | 8 | 34% |
| Office | 3 | 13% |
| Totals | 24 | 100% |
| UK Geographic Location | Percentage of Rental Income |
|---|---|
| South East | 49% |
| North West | 33% |
| South West | 18% |
| Total | 100% |
Principal tenants include Starbucks Coffee, Kodak, British Telecom, Wickes Building Supplies, Magnet, Crabtree & Evelyn and Ecco Shoes.
The second portfolio is that of JRPA Properties. This portfolio consists of seven commercial investment properties situated in Southern England. The portfolio comprises a 12,000 sq ft office investment in Southampton and six industrial estates in London, Surrey, Sussex, Hampshire and Dorset. The industrial holdings total 146,000 sq ft of accommodation in 60 units. The portfolio was valued at £18.3 million in JRPA's audited accounts to 31 March 2007.
JRPA tenants include the RAC, Wolseley (UK), Warner Goodman LLP and The Tyre Store.
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