Funded the speculative development of a 750,000 sq ft distribution warehouse which was leased prior to practical completion for 10 years to MFI with a guarantee from Exel Logistics (DHL).
DHL inherited the lease when MFI went into receivership – the team subsequently agreed a surrender for a substantial premium payment from DHL and simultaneously relet the building to a national retailer for 20 years. The resulting investment was sold for a return nearly 100% ahead of business plan target.