Accrue acquired 100% of the shares in Heathcroft Properties Limited in a joint venture with REVCAP.
At acquisition, Heathcroft owned a diversified, high yielding UK portfolio comprising 38 commercial and residential properties valued at £36m. The properties were spread throughout the UK (mostly in south east England) and across various sectors (retail, hospital retail, industrial, office and residential), with good overall asset management potential. The portfolio was secured on an off market basis at a substantial discount to open market valuation. The portfolio, which had been previously passively managed, provided the opportunity to enhance the income quality, yield and value based on detailed asset level business plans. Some assets have been sold, where value has been optimised, and others have been regeared or otherwise re-positioned.