JV with Angelo, Gordon & Co
Dunedin has been working with Angelo, Gordon since 2010. The JV successfully acquired Churchgate & Lee Buildings, a 250,000 sq ft building in Manchester City centre requiring comprehensive refurbishment and letting in 2012. During the period of our ownership we upgraded 50,000 sq ft in the buildings and also created a stunning new entrance hall. Having substantially completed our business plan we decided to sell the building in 2014.
We are delighted to confirm that we have now acquired the Great Charles Street Estate within Birmingham’s CBD in December 2014 from Aviva Investors. The estate measures some 330,000 sq ft in 7 buildings comprising substantially an entire city centre block adjoining the Paradise Circus development now underway. We will be shortly undertaking major office refurbishment with the introduction of new entrance lobbies, and also submitting a series of planning applications to optimise value release through the development process.
JV with Brockton Capital
Dunedin Property and Brockton Capital identified the multi-let industrial sector as one that provides consistently high income returns and with active asset management both income and values can be grown.
Since 2012 the JV and has acquired several high yielding portfolios.
Brunel – acquired from CBRE Investors in 2012 for £ 20m – multi-let estates in Wakefield, Wigan, and Ashton Manchester. There followed acquisitions in Tyseley, Bilston Birmingham, and Littlehampton during 2012.
Styx – acquired from M7 in 2014 for £ 50m – a north England / Midlands weighted portfolio of 20 estates covering 960,000 sq ft.
HPUT – acquired from Hansteen in 2014 for £ 146m – a UK wide portfolio of 41 estates. This includes Wales’ premier industrial estate in Treforest near Cardiff which is alone 477,000 sq ft over 121 acres.
Partridge – acquired from Columbus Capital in 2014 for £ 225m – a UK wide portfolio of 38 estates over 3.2m sq ft, with a south UK bias.
All of these assets are actively asset managed by Dunedin for the JV via the www.dunedinindustrial.co.uk platform, where full details of all current assets in this JV are available.
Dunedin has a very wide ranging experience in the UK across all sectors.
We have owned larger shopping centres like the Arndale Centre, Stretford which was 375,000 sq ft and had 150 tenants, but also small regional centres, with our smallest being Rowland Hill Centre, Kidderminster of only 43,000 sq ft.
In the offices sector we have owned larger London buildings such as Capital House, 16 floors and 138,000 sq ft, and Hammersmith Grove of 211,000 sq ft but also many smaller offices in town centres such as Clacton, Colchester and Yeovil.
And in the industrial sector we have dealt with small, multi-let estates spread across the whole of the UK in units from 500 sq ft to larger estates with units over 250,000 sq ft.
We have owned 16 Shopping Centres totalling over 2.1 million sq ft, where we collected over £29 million pa of rent and finally sold for over £520 million.
We have owned 31 office buildings totalling some 1.785 million sq ft with rents of almost £33 million pa which we have sold for some £500 million.
And in the industrial sector our Industrious portfolio was some
9 million sq ft with a rent roll of £33 million pa in 120 properties and about 1,500 tenants.
We have always adopted a very hands-on approach to asset management. In managing such a large and diverse number of properties we have relied upon sophisticated management systems for monitoring and reporting. We have developed these systems and supporting technology on a bespoke basis.
We have also opportunistically traded properties by judiciously entering under-priced sectors, accumulating assets and then repackaging these into portfolios as sentiment in sectors improved. Since 1996 we have bought and sold £3.5 billion of property.