The portfolio of 28 assets was bought from receivers at Cushman & Wakefield acting on behalf of creditor PIMCO. The yield on the portfolio is above 10%.
The assets were previously owned by individual borrowers. The loans secured against the properties were originally issued by Northern Rock. They were subsequently sold to Lehman Brothers which used them as collateral in the midst of the financial crisis to pay debts owed to German Bundesbank. This debt was subsequently sold as part of a wider loan portfolio to PIMCO.
The portfolio includes 27 properties in England and one in Scotland. There are 14 assets located in Leeds and Sheffield. The largest property is the Quadrant Science Park in Abingdon, Oxfordshire. The portfolio is comprised of approximately 55% offices with the remainder a mix of industrial, retail, residential, student accommodation and leisure.
Allsop acted for the purchasers.
