Corporate Acquisition Lionsgate
Sovereign Land acquired a substantial stake in the £450m Lionsgate Group, where Credit Suisse First Boston was the major shareholder, in 1999. The group owned a portfolio of around 400 mixed commercial property assets including 3 shopping centres. Sovereign Land spent the next three years restructuring the portfolio, actively managing each of the properties and investing new capital in improvements, leading to enhanced sale values.
The assets included:
The Chilterns in High Wycombe
An 82,000 sq ft shopping centre anchored by Marks & Spencer, Next, Country Casuals and Wilkinsons. It also includes 17,000 sq ft of offices let to an Abbey National subsidiary. The scheme was sold in 2001 to Chester Properties for £13m.
Rood Lane, London EC3
An office scheme that included part of Dresdner Kleinwort Benson's headquarters. Sovereign Land sold the building to Land Securities in 2001 for £8m.
A residential scheme near Bournemouth. Sovereign Land set up a JV with Bellway Homes and obtained planning permission for 84 flats. The site was sold to a national house builder in 2000.