In 2014, we acquired, in partnership with funds managed by Europa Capital, 474 houses in an estate in Lakenheath, Suffolk for £53 million. The single-family housing was let to United States Air Force (USAF) for a further five years with 20% of the houses to be handed back to the owner each year.
As the houses were handed back by USAF, we implemented a strategy of refurbishment, sales and lettings. We oversaw a break-up of the estate which resulted in total receipts over a four and a half-year period of more than £81.5 million in addition to the USAF substantial rental receipts.
