Kwik Fit Portfolio

Client

GE Prem KF LLP

Asset Summary

  • 143 Kwik Fit Units
  • 25 year leases to Kwik Fit GB Ltd, guaranteed by Kwik Fit Holding Ltd
  • 3% per annum minimum increases at first and second rent reviews

Value Added Approach

  • Above market and mimimum increase rent reviews
  • Selective disposal of assets via auction and private treaty to provide valuation evidence and profit throughout the market cycle
  • Formulated a redevelopment strategy and alternative use for each location
  • Fostered cooperative relationship with Kwik Fit which helped build trust and value
  • Acquisition of Kwik Fit by the Itochu Corporation of Japan materially enhanced the covenant
  • Strong defensive portfolio given the success of the after sales car market during the recession
  • Tailored institutional/private equity and debt structure which withstood the recession and was refinanced with Royal Bank of Scotland in 2012 producing an equity return
  • 2014 sale to US private equity group producing profitable outcome from 2007 acquisition

Result

  • 8 year hold for majority of portfolio
  • Total realisation providing 150% total return on equity

Services

Kwik Fit Portfolio
Kwik Fit Portfolio
Kwik Fit Portfolio
Kwik Fit Portfolio

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