Westbrooke Alternative Asset Management, together with our investment partners Argo Real Estate and Sterling Real Estate (the “Consortium”) are pleased to announce the sale of 18 & 20 Tileyard Road to Kadans Science Partner, a life science development specialist for total proceeds of £26m.
The Consortium acquired the 18 Tileyard Road property in May 2021. During the term of the investment, it became apparent that market activity in and around the Tileyard Road and the King’s Cross area made the property suitable for life science operators. Fortuitously, the neighboring site, 20 Tileyard Road, became available for sale via an off-market transaction. Our thesis was that the combined site would be more valuable and given the potential size and massing, would attract higher quality sponsors. Accordingly, 20 Tileyard Road was acquired by the Consortium in February 2022.
The sale of the combined site is expected to generate a net investor return on equity of 150%+ over a 14 month period, a result well in excess of our base case expectations. We are extremely pleased with the outcome which represents an exceptional risk adjusted return, especially against the prevailing macroeconomic headwinds, and is testament to the Consortium’s robust real estate investment expertise.