Cordatus Asset Management Strengths bring Strong Results on CPI Portfolio
Westbrook Partners has recently acquired the whole loan secured on 3 regional shopping centres for a combined price of c£31m from a client of Cordatus and Firedog Moss, an entity owned by Ellandi.
Cordatus was appointed to asset manage the Thamesgate Shopping Centre in Gravesend, Waterbourne Walk in Leighton Buzzard and Wellington Way in Waterlooville in mid-2011, when the securitised senior loan entered special service. Cordatus successfully stabilised the assets, prepared them for sale and added significant value along the way through pro-active asset management. Through some 30 completed lease renewals, re-gears, lettings and rent reviews as well as taking positive control of car park income and mall commercialisation opportunities, the rent roll across the centres was increased by over 15% during the period of Cordatus management.
Mike Channing, Director, commented “we were delighted that our active management assisted in such a strong exit result for our client, a workout result which fully satisfied the interests of all creditors. The key here was to consolidate and improve the income from the portfolio, enabling the loan to be rapidly amortised down”.