Our clients invested £5.8m alongside Channels Islands based, Cubic Property Fund, to acquire an 82% stake in Merchant Property Unit Trust (“MPUT”) in February 2014.
MPUT is the owner of 35 UK trade park units across England, Scotland and Wales let to FTSE 100 listed, Travis Perkins, itself a minority stakeholder in MPUT. With senior debt provided by Royal Bank of Scotland, the 35 properties, which produce an annual rent roll of £2.3m are situated in well established locations and comprise, collectively, almost 450,000 sq.ft.
Travis Perkins supplies more than 100,000 product lines to trade professionals and self-builders from around 600 properties throughout the United Kingdom. As usual with our property investments, our partner in this transaction was Riverside Capital.