EPF GROUP - OVERVIEW
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EPF GROUP - OVERVIEW
Transcript of EPF GROUP - OVERVIEW
EPF GROUP - OVERVIEW
“Specialising in unlocking value from our properties, EPF is widely-regarded as one of the leading investors in the leisure real estate market. Our approach is based upon a dedication to adding value and intense asset management to all of our investments. Since 2007, EPF Investments has created a portfolio worth over £100m, with more than 30 tenants, generating cash-on-cash returns of 15%-plus. EPF Asset Management has added value and enhanced returns on over £2bn-worth of projects and continues to be the ‘go-to’ specialist in the sector. Above all, relationships are key to our success and we are immensely proud of our reputation for performance, deliverability and reliability.” Adam Coffer Managing Director
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Hands-on approach
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What people say about EPF
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“We have worked very constructively with EPF as a landlord in a number of our properties and in every case the relationship has been open and productive. They have taken time to understand our operational needs and we have worked well together to find solutions.” John Leslie, CEO, iNTERTAIN Ltd “EPF’s market knowledge and ability to add value to investments, is unparalleled in its sector.” James Jakeman, Director, Benson Elliott Capital Management “We have been dealing with EPF on numerous purchases, sales, financing and all other aspects of property management, involving very substantial amounts of money, for a number of years. EPF performs much better than any other management company that we deal with, particularly in relation to the speediness of responses and attention to detail. It gives us great pleasure to work with them.” Michael Bonehill, Partner, H Montlake & Co “We have worked with EPF and Adam Coffer in particular for a number of years. Their ability to source good deals even in adverse market conditions, add value through asset management and their focus upon strong landlord and tenant relationships makes them extremely effective operators and a pleasure to deal with.” James Cubitt, Director, Colliers International “What I like about working with Adam Coffer is his pragmatism and drive to get the deal done.” John McQuillan, Partner, MacRoberts LLP “EPF has a clear acquisition strategy and a straightforward decision-making process, which enables them to act decisively and promptly.” Lee Randle, Director, Mason & Partners
EPF Investments is the direct real estate investment and development arm of the Group. It typically focuses on leisure and retail properties, with opportunities to add value. Combining our equity with a pre-approved line of bank finance, EPF Investments targets acquisitions which can maximise returns within a 1-5 year profile. The investments we create have generated an average of 15% cash-on-cash return with any sales generating 20%-plus IRRs. EPF Investments targets opportunities that are undervalued and/or offer potential to add value through its proven asset management expertise.
The Group
EPF Investments
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EPF Investments sources opportunities that are undervalued and/or offer potential to add value through its proven asset management expertise. Typical targets:
• £500,000 - £5m lot sizes for individual properties • Up to £15m portfolios • Preference for retail and leisure or mixed-use • Good locations or areas with realistic growth • Undervalued, long income-streams • Vacant properties with prelet potential
The Group
EPF Investments - What we look for
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Established in 2008 in response to the challenging economic climate, EPF Asset Management works alongside owners, lenders and investors to crystallise value from underperforming properties. Our Partners Include:
• Institutions Major funds and institutions, targeting larger lot sizes, capitalise on EPF AM’s asset management expertise in retail and leisure sectors. • Developers Working with major developers on site-assembly, strategy and negotiations. EPF AM manages entire acquisitions and development management process. • Lenders Minimising distressed lenders’ requirement to further write-down underperforming loans , with value unlocked and capital repatriated, as a result of EPF AM’s expertise. • Insolvency practitioners EPF AM ensures maximum return achievable for all creditors through intense asset management, taking over the reins of running assets • Landlords Working alongside existing property owners to implement achievable strategies to realise latent value.
The Group
EPF Asset Management
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EPF Asset Management acquires larger lot sizes in joint venture with retained partners and major institutional backers. Typical targets:
• £10 - £100m lot sizes • Leisure and retail parks with added value potential • Solid income-stream with ability to create value through tenant relationships • Large, mixed portfolios • Corporate/M&A acquisitions • Prelet Development opportunities
The Group
EPF Asset Management - What we look for
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EPF has carried out a number regeneration projects, breathing life into properties that would otherwise have remained unused. As part of this initiative, EPF has established a number of joint ventures with leading national and international occupiers- acquiring several vacant properties for preletting and conversion to retail or leisure. Projects have included several prelets to Tesco, as well as Prezzo, Nandos, Costa Coffee, KFC, C-Side, McDonalds, Evans Cycles and many more major occupiers. Properties range from acant public houses, unlet commercial elements of residential schemes, disused petrol filling stations, car parks, brownfield land and even conversions of former car repair centres. The joint ventures further enhance EPF’s track-record for creating value through exceptional occupier contacts. EPF identifies the potential for the appropriate occupier to ensure both long-term vibrancy and community benefit. Having prelet the property , EPF works with our tenant to develop a design that is both sensitive to the surroundings and cutting edge. Such projects often require development and management of surplus space, with appropriate use– residential, commercial or open space- identified and delivered. EPF remains in constant dialogue with its tenants throughout the process but removes any liability, management or resourcing of the development from them-- ensuring a longterm, mutually beneficial relationship.
Our Properties: Occupier Prelets
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The North Pole: Conversion of a vacant pub, into a new Tesco store with residential above
An attractive, landmark building in the heart of Brighton's "Lanes" leisure district. The period building in Prince Albert Street immediately represented opportunity to add value. With previous occupier- Old Orleans - wishing to vacate, EPF sourced an operator that befits the prominence and prestige of this local favourite- InnBrighton, the seaside City's largest bar operator. It has created the Mesmerist, "a wonderland of burlesque". EPF also created two new units - let to highly acclaimed contemporary design store The Lollipop Shoppe and independent barista/cafe the Alchemist- ensuring a vibrant and eclectic mixed-use scheme was delivered. Investment rationale and asset management: Prestigious, landmark property in heart of popular leisure area with potential to add value.
• Possession and reletting of main bar to vibrant, strong operator with local expertise. • Creation of new, smaller unit to complement anchor operator. • Highly-popular area and well-known property, with strong neighbouring operators.
Our Properties:
• Black Lion Street , Brighton, BN11HE
• Tenant - C-Side Ltd, Lara Aldridge
• Floor Area - 10,845 sq ft
• Annual Rent - £190,000.00
• WAULT: 18 Years
The Lanes - Brighton
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Steeped in history, 52 Portland Place is an iconic, landmark office building in London's prime West End. Originally the home of Lady St Helier, the majestic premises was the scene of a dinner party in 1908 where her great-niece, Clementine Hozier, would meet Winston Churchill. Less than six months later the pair would hold their wedding reception here. Today the house belongs to EPF, having been acquired for owner-occupation by the company and our sister organisations. EPF carried out a refurbishment and let the premises on an occupational lease, creating substantial uplift in value. The acquisition demonstrates EPF's ability to identify undervalued opportunities and enhance them through tenant relationships and asset-management initiatives. Investment rationale and asset management:
• Prime central London location. • Undervalued investment with opportunity to immediately increase value. • Future added-value potential through change-of-use
Our Properties:
• 52 Portland Place, London W1B
• Tenant – DCL
• Floor Area - 6,107 sq ft
• Annual Rent – £280,000.00
• Lease Expiry – June 29
52 Portland Place - London
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Central Chambers is a prime retail block opposite Shakespeare's birthplace, in the heart of historic Stratford-upon-Avon. With frontages to the popular Wood Street, Henley Street and Cooks Alley shopping districts, the 9,000 sq ft multi-let retail parade, is a landmark building for tourists and locals alike. EPF identified the robust nature and continuing occupational demand for the property, whilst recognising the ability to add considerable value from upper floors, which had remained disused for several years. Investment rationale and asset management: Solid income-streams with opportunities to add further value.
• Excellent income from strong local traders and well-known national retailers. • Popular, prime area and location. • Attractive asset management potential from two vacant upper floors of offices. • EPF has set about sensitively improving the Grade II listed building, working closely local stakeholders
iand the council. • Planning consent received for eight apartments, greatly enhancing value and attractiveness of iproperty.
Our Properties:
• Central Chambers,
Wood Street, Henley Street & Cooks
Alley, Stratford on Avon CV37 6QN
• Multi-tenanted
• WAULT: 4 years
• Floor Area – 8,633
Central Chambers – Stratford-upon-Avon
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Darnley Retail Park is a highly-prominent shopping and leisure destination off the M77 at the main arterial road into Glasgow City centre. Let to tenants including McDonalds, KFC, Carphone Warehouse, Domino's and one of Scotland's most successful pharmacists Houlihan, the scheme is extremely popular with both local residents and commuters. Adjacent occupiers include B&Q and Sainsburys, with the Silverburn shopping centre less than 1.5 miles away. Investment rationale and asset management: Solid income-streams with opportunities to add further value.
• Anchored by unquestionable covenants with long lease lengths. • Exceptional location: high volume of residential; main arterial road connecting motorway to City; iisurrounded by draw of Sainsbury's, B&Q and Silverburn Shopping Centre. • Upcoming rent reviews with strong growth potential and opportunities to extend leases. • Popular scheme with no nearby competition. • Potential to increase revenue from advertising and concessions. • Acquisition process of adjoining sites for future development.
Our Properties:
• Darnley Retail Park, Glasgow, G53
• Tenants include: McDonalds, KFC,
Carphone Warehouse, Domino’s
• Floor Area – 12,000 sq ft
• Annual Rent - £320,000.00
Darnley Retail Park - Glasgow
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Having acquired the Darnley Retail Park, EPF identified a site immediately to the south as an excellent development opportunity to complement its existing holdings. After undertaking a detailed planning and development appraisal, EPF sourced a high-quality user in the form of Whitbread's Costa Coffee. EPF developed an innovative drive-thru concept for Costa Coffee, on time, within budget and to the highest standard. The unit opened in January 2013, breathing life into otherwise-unused land. The unit opened for business. Investment rationale and asset management: Vacant site with opportunity to prelet and develop.
• Purchase level off vacant value. • Excellent location. • Prelet to Grade A quality tenant. • Regenerate unused site, complementing existing retail park.
Our Properties:
• Costa Coffee Drive Through, Darnley
Glasgow, G53 7RH
• Tenant - Costa Ltd
• Floor Area - 1,851 SQ FT
• Annual Rent - £60,000
• Lease Expiry - 26/11/2027
Darnley 2 – Costa - Glasgow
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The Stone House is the dominant late-night venue in the affluent South East town of Hertford. EPF acquired the property, following detailed analysis of the rental level and trading performance of the unit. The acquisition added further substantial income, whilst also representing and an attractive and prominent building to add to our portfolio. EPF's longstanding ethos of building excellent tenant-relationships again came to the fore, enabling us to fully understand the viability and performance of the property; our exceptional relationship with the tenant, Intertain, continues as we explore ways of enhancing value for our mutual benefit. Investment rationale and asset management:
• Solid income from excellent tenant. • Prime location offering long-term value-added potential.
• 7-11 Bull Plain, Town Centre, Hertford,
SG14 1DY
• Tenant - Intertain (Bars) Ltd 1
• Floor Area - 6,990 SQ FT
• Annual Rent - £149,770.00
• Lease Expiry - 28-Mar-28
Our Properties: The Stone House - Hertford
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Recognising the latent value of the top performing leisure unit in the city, EPF bought the Walkabout- a local landmark in the prime leisure pitch of Swansea. EPF's detailed knowledge of the leisure sector and operators allowed us to understand the trading performance, covenant strength and likely future performance of the asset. A significant reduction in tenant, Intertain's, debt, coupled with the property's unrivalled position as the number 1 leisure destination for the City, meant EPF recognised considerable potential for uplift in value with low risk of vacancy. Investment rationale and asset management: High-yielding investment in prime location:
• Purchase price reflecting over 10% yield • More than 23-years remaining to excellent leisure operator with improving covenant. • 30,000 sq ft building representing low capital-value price per sq ft • Best leisure pitch and top-3 late-license venue in Swansea
Our Properties:
• 5 & 6 Castle Square and 14 & 15 Strand,
Swansea, SA1 1DH
• Tenant - Intertain (Bars) Ltd
• Floor Area - 31,100 SQ FT
• Annual Rent - £212,338.00
• Lease Expiry - 15-Jun-34
Castle Square / Wind Street- Swansea
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An ideal opportunity to create value through exceptional occupier contacts; EPF acquired a vacant drive-thru site on the Edgware Road- one of London's busiest arterial roads. The site was deemed no longer suitable by fast food giant Burger King, which had owned the freehold. EPF subsequently signed a prelet with KFC and carried out a clearance programme before handing it over to the operator. Investment rationale and asset management: Purchase of vacant property with opportunity to create value:
• Purchase price refelcting vacant value. • Immediate uplift in value on letting to KFC. • Excellent location on one of busiest and best known roads in London. • New 20-year lease to KFC, creating very strong income stream.
Our Properties:
• The Hyde, Colindale, Edgware,
NW9 OJJ
• Tenant - Kentucky Fried Chicken (Great
Britain) Ltd
• Floor Area - 3,841 SQ FT
• Annual Rent - £125,000.00
• Lease Expiry - 14-Mar-31
KFC Colindale - London
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This disused former pub in popular North London suburb of Crouch End offered excellent opportunity to enhance value. A fresh approach to the property saw Evans Cycles signed up as a prelet on a new lease. Having redesigned the property's configuration and secured planning permission, a six month redevelopment was completed on time, within budget and to a high standard in keeping with our and our tenant's aspirations. The shop opened in Summer 2010 and has been trading extremely well since. Investment rationale and asset management: Vacant property in excellent location offering reletting and development potential.
• Prelet to strong retailer. • Change of use and planning secured. • Development carried out within budget, on time and to highest standard.
Our Properties:
• 33-35 Crouch End Hill, N8 8DR
• Tenant - F W Evans Cycles (UK) Ltd
• Floor Area - 1,766 SQ FT
• Annual Rent - £135,000.00
• Lease Expiry - 25-Mar-25
Crouch End Hill - London
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A unique opportunity to secure high, long-term income at a discount to market value, with added asset management opportunities. Located on a busy arterial road between the M18 and A1(M), Balby Retail Park is a highly popular destination. Comprising one of the region's busiest leisure clubs-run by leading operator DCLT- and a popular McDonalds drive-thru, the park is complemented by an adjacent supermarket and proximity to the vibrant Doncaster city centre leisure and retail pitch. Investment rationale and asset management: Secure long income streams with added value potential.
• Enhanced tenant profile through active management, reletting gym to region's leading operator. • More than 15 years unbroken income from Grade-A tenant. • High cash-on-cash returns. • Excellent location and close proximity to city centre. • Combination of fixed rental increase on gym and potential uplift in rent at forthcoming reviews. • Large car park with added value potential.
Our Properties:
• Balby Road Retail Park, Balby Road,
Doncaster, DN4 8EU
• Tenant - McDonalds Restaurants Ltd
• Floor Area - 15,694 SQ FT
• Annual Rent - £71,000.00
• Lease Expiry - 29-Sep-26
Balby Retail Park - Doncaster
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EPF acquired Riding House Properties as a corporate transactions. The company contained two freehold properties, which offered potential to add value through asset management. The Windsor property comprises an attractive period building a few yards away from the majestic Windsor Castle, nestled amongst quaint tea houses, olde worlde pubs and tourist shops on the cobbled and winding Church Street. The vacant ground floor commercial was swiftly prelet to a multiple Thai restaurant operator with a strong presence across London and the South East. EPF has implemented a further strategy of intense asset management to crystallise value, including regearing of residential leases on the upper floors and a modernisation/improvement programme of interiors. The second property, in one of Norwich’s prime retail and leisure pitches- Orford Place- offered the opportunity to acquire a property at a vacant value whilst simultaneously enhancing the value through the letting of the property toa multiple Asian food operator. Investment rationale and asset management: Vacant properties in excellent locations offering immediate opportunities to add value.
• Letting of commercial space to successful operators. • Enhanced cash-on-cash returns • Asset management opportunities with potential regearing of residential leases.
Our Properties:
• 8-9 Church Street Windsor, SL4 1DE
• Tenant - Newmex (Olive Garden)
• Floor Area - 1,427 SQ FT
• Annual Rent - £40,000.00
• Lease Expiry - 25-Jun-28
Riding House Properties – Windsor & Norwich
• 33 Orford Place, Norwich, NR1 3QA
• Tenant - Milennium Trading
• Floor Area - 1,808 SQ FT
• Annual Rent - £65,500.00
• Lease Expiry - 08-Nov-31
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Adam Coffer
Managing Director
Tel: 020 7299 0768 @adamcoffer
William Haigh
Marketing
Tel: 020 7299 0709
Contact
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Toby Marks
Investment & Asset Management
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Jessica Parkinson
Asset Management
Tel: 020 7299 0739
Our team
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Oana Kihogo
Accounts
Tel: 020 7299 0751
Warren Colquitt
Finance
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Jacqueline Wright
Operations
Tel: 020 7299 0733
EPF Group 52 Portland Place London W1B 1NH
