Land value accounted for ~80% of the purchase price, effectively acquiring the improvements well below replacement costs
Large landholding in a defensive location
Multi-tenancy profile provided diversity of income
Management Value Add
Effective & efficient lease reset of 50% NLA, through a series of complex lease surrender, new lease and renewals, eliminating the 8% vacancy at purchase and significantly extending the WALE from 3.5 to 5.3 years
Corrected the flaws in leasing which triggered the exit from the previous
institutional vendor and brought back the institutional appeal
Sold to AMP, returning 1.5x money multiple
Delivered 23.3% IRR to investors (relative to target IRR of 12%)