Case Studies

Case Study 1

Over a two year period we constructed a £25m portfolio of six trade counter investments for an offshore trust culminating in a sale of the assets to a listed property company. The equity employed in the transaction doubled over the period.

On behalf of the trust we subsequently reinvested in two replacement properties at a yield of 200 basis points over the exit yield on the portfolio.

Case Study 2

During spring 2006, the opportunity arose to purchase a multi-let office investment in Dover Street, London, W1 for £5.4m. The rents in the building at purchase were c. £40-45 psf and by the summer of 2007 had risen to £90 psf after refurbishments, re-letting and moving tenants around in the building. It was sold in July 2007 for £7.5m returning a significant profit to our MC Property Growth Fund over the period of ownership (after gearing).

Case Study 3

In 2009 an opportunity arose to structure an 'in-specie' property transfer into the MC Income Plus Fund. The Berkshire County Council Pension Fund were looking to sell their final direct property holdings and to move all their commercial property into indirect investments. The fund portfolio of £15m of property was transferred into the fund. The Berkshire Pension Fund took a position on the Investment Committe and a significant ownership of units in the fund.