Osprey Equity Partners is selling a £188m portfolio of prime retail and leisure assets.
The Navigator portfolio is a newly built long-income portfolio – with an average unexpired lease term of 24 years – let to institutional grade covenants.
The assets have been forward-funded by a variety of Osprey-managed funds and Osprey’s backer, the Hong Kong family office LJ Group, over the past three years.
Acquired and developed on an individual basis, the nine assets include a 131-bedroom Premier Inn and a 72-bedroom Travelodge in the South East, three Aldi-anchored properties and four Sainsbury’s and Tesco superstores in Cambridgeshire, the Midlands and the North.
The portfolio is 100% let with five-yearly upwards-only rent reviews at a passing rent of £9.6m. The asking price reflects a net initial yield of 4.8%.
CBRE and Prime Retail Property Consultants are selling agents.
Osprey founding partner John White said: “The Navigator portfolio comprises a tranche of the long income assets which we forward funded on behalf of our private investors over the last three years. Now that construction works have completed and given the level of market liquidity, it is a natural time to seek an exit to a buyer who values very long term, index-linked blue chip income on a material scale; and allows us to recycle our investor equity into new property development projects.”
