Heathcroft Properties

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.

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