Dwyer has created a joint venture with Charterhouse Property Investments to buy a 22,760m2 (245,000 sq ft) mixed portfolio from Manulife for £14.55m.
The 14 properties are mostly offices and retail in the South and the Midlands. They include a Dillons store in Nottingham (left). Dwyer says that 98% of the portfolio is income producing, with 80% let to blue-chip tenants.
“The portfolio has been very well managed, but not worked at all,” commented Dwyer’s chief executive, Joey Esfandi. He added: “We have been looking for a year, but it is very difficult to find a workable portfolio where value can still be added, but which is also a bankable portfolio.”
The Royal Bank of Scotland has provided a new loan facility and the off-balance sheet deal will give Dwyer 80% of the profits with Charterhouse taking the remainder.
ManuLife was advised by Hillier Parker, while Nelson Bakewell acted for Dwyer.
