Shakespeare Retail

Background

The portfolio was acquired with CarVal in 2017 as part of what was described as the year’s largest commercial property investment transaction, following a consensual bank-led sale from BMO Real Estate and FMS Wertmanager. The majority of the portfolio is let to Boots as pharmacies, making HPUT one of Boots’ largest landlords by both store numbers and rent roll.

What We Did

Implemented an active asset management and disposal strategy across the nationwide portfolio, extending lease terms, managing complex landlord and tenant matters, exploring residential conversion opportunities and disposing of 234 properties through auction and private treaty.

 Asset Management Initiatives

• Regeared the majority of store leases while assessing redevelopment opportunities, particularly residential conversions of the upper floors of existing properties.
• Completed 158 lease regears ahead of expiry, including 79 on leases of ten years or more.
• Managed 134 complex landlord and tenant negotiations, including Ground F notices, court applications and lease renewals involving a landmark London Courts scheme.
• Progressed due diligence on residential conversion opportunities across the portfolio.