by Graham Parker
Guardian Properties has shortlisted four bidders for the £40m Aquis Estates portfolio, including a bid by Aquis’ own management. Capital & Regional Properties and Castlemore Securities are also shortlisted.
Guardian Properties’ director Alan Lynch refused to comment on the shortlist or on the internal bid, which is being headed by Aquis’ managing director Martyn Baker.
James Dipple of Strutt & Parker, who is handling the sale, said 16 preliminary bids were received by the mid-October deadline.
Four have been selected to carry out due diligence and come back with firm offers by November 15.
The portfolio includes 19 properties: nine development sites and 10 standing investments. The plum in the portfolio, according to Dipple, is a site next door to Maidenhead Station, where there is planning permission for 3,716m2 (40,000 sq ft) of offices. The investment portfolio produces £2.5m pa, but there is potential for active management.
One of the underbidders said that the shortlisted bids – of at least £38m – implied that some bidders were willing to trade on the investment lots at nil profit and rely on a development profit from the rest of the portfolio.
This level of interest is indicative of the very strong investment market which is emerging this autumn. Robert Farnes of Hillier Parker, who is acting for investors with more than £100m to spend at the moment, said “the last quarter of 1996 looks like being brilliant”.
