Catella APAM (“APAM”), the specialist UK & Ireland real estate asset manager has completed the separate sales of two West London retail assets on behalf of Greater Manchester Pension Fund for a combined value of £21.9M.
The properties are located at 84-86 Kings Road, Chelsea and 376-384 Chiswick High Road, Chiswick in two popular retail locations. APAM was appointed in November 2021 and over the past 18 months has undertaken various asset management initiatives including securing new tenants to both assets, extending leases to enhanced covenants and taking back possession of residential dwellings at Chelsea.
These initiatives resulted in achieved sales values of £10M at Kings Road and £11.9M at Chiswick High Road, producing a significant premium over take on valuation. Both disposals were significantly ahead of business plan targets and client expectations.
GCW acted on behalf of the vendor in relation to the Chiswick sale. APAM acted directly on the disposal of Kings road, Chelsea.
Rhys Williams, Senior Asset Manager at APAM comments on the disposals: “We are delighted to have completed on both disposals during a difficult investment market. These results show how strong returns can be achieved through positive impact proactive asset management.”