Accrue Capital purchased the Marlin Portfolio from a private seller for £22.2 million.
The assets include a neighbourhood shopping centre, high street retail, two retail parks, an office building and a hotel. At acquisition the portfolio reflected a net initial yield of 8.71%. The portfolio was acquired form a seller under financial stress and a detailed business plan is in place for each of the assets in order to realise underlying value via a combination of lease restructuring, refurbishment, and further development.
Accrue intends to raise a substantial new fund to target acquisitions of this nature, press coverage relating to this can be found here.