Henley has completed the freehold sale of a 105,000 sq ft commercial site at the established Brackmills Business Park, Northampton, for £12.7 million, a yield of 9.53 per cent and representing a deal IRR of around 82 per cent. The site, which is currently the headquarters of Intelligent Processing Solutions Limited (iPSL), the provider of UK domestic cheque clearing services, has been sold to institutional investor CCLA.
The hybrid office, industrial and distribution building, is located within close proximity to the M1 Motorway and Northampton town centre, and was acquired by Henley for £6.7 million in 2012. The private equity real estate firm subsequently carried out a value add restructure of iPSL’s lease, which expires in March 2022, at a current rent of £1.2 million per annum.
Brackmills Business Park is home to a variety of high profile businesses including Travis Perkins, Coca Cola, Grant Thornton and Barclaycard.
Commenting on the sale, Ian Rickwood, Chief Executive Officer of Henley, said: “This successful exit once again underlines the quality and effectiveness of Henley’s commercial investment strategy. We have achieved another excellent result for our investors demonstrating our ability to source and actively manage assets, driving value and delivering superior returns.”
Established in 2006, Henley is a leading UK private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare and debt real estate market. Since its inception Henley has doubled in size every year and is expected to do the same again in 2015. The company currently has around £500 million assets under management (as of May 2014). Since its inception Henley has created over 40 SPV Funds, exiting 12 with an average performance of 55.1 per cent deal IRR.
Henley were advised by Lambert Smith Hampton and CCLA were advised by Deloitte.
