Foundation Property & Capital’s No.8 managed fund has completed an exit from its majority shareholding in the FPC Knightsbridge portfolio, predominantly by forward selling the assets to an overseas family office.
The portfolio was assembled over a 8 month period and comprised 14 development sites, predominantly for convenience stores across London, Essex, Surrey, Sussex, Berkshire, Hampshire and Gloucestershire. Projects have already been sold in Aldershot, Fleet, Addlestone and Shinfield, mostly Co-ops but including a newly developed Prezzo in Fleet which was sold by HRH for £1.375m, a 5.1% yield. The portfolio also included ancillary residential plots for over 30 homes across 10 of the sites. The completed value of the portfolio is approximately £27m.
Foundation has already purchased a number of new development opportunities for its No.8 fund including in Bracknell and Farnborough, with further acquisitions agreed in Ashford, Manchester, Newport, Stafford and Woking and has £10m available for further development site acquisitions this year.
Foundation also launched a new investment vehicle in January focused on buying standing convenience assets and forward funding 3rd party developers. It has already secured purchases in Rochford, Essex, Frome and Hove, with further acquisitions agreed in Brighton, Grayshott and Cosham and has £15m immediately available for further acquisitions.