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Case Studies

Our expertise in action

​Nothing underscores capabilities like specific examples of how we've solved problems and delivered value for our clients.


 


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Valuation of Festival Place Shopping Centre for TIAA CREF

The Retail & Leisure Valuation team has provided US teachers’ pension fund TIAA-CREF with a valuation and purchase report in support of their acquisition of Festival Place Shopping Centre in Basingstoke.
 
Grosvenor presented the scheme off-market in January 2012 to four investors including TIAA CREF, Lend Lease, British Land and Deka. The scheme sold in August 2012 at circa £285,000,000 reflecting a Net Initial Yield of circa 6.30%.

Festival Place is an extension of the former Walks Shopping Centre, which opened in Autumn 2002 and now dominates town centre retailing provision in Basingstoke.  The centre extends to over 1 million sq ft and comprises approximately 200 retail units, 20 restaurants and a ten-screen Vue cinema over two storeys together with 2,900 car parking spaces. It is anchored by Debenhams, Marks & Spencer and Bhs. Key tenants also include Apple, Next, Zara, Topshop, H&M and Gap.



 

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Valuation for X Leisure Fund

JLL was appointed to value the £600 million Fund managed by Capital and Regional on a monthly and quarterly basis for unit pricing, following a competitive tender process. Since being reinstructed in May 2007 and 2010, Brighton Marina, Norwich Riverside and the MK Xscape have been refinanced and JLL were instructed to carry out full due diligence on behalf of a syndicate of banks.

 
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Valuation of Liverpool One for Royal Bank of Scotland, Barclays, Eurohypo and HSBC

Instructed initially to provide a bank valuation and detailed report in respect of Liverpool One to Royal Bank of Scotland, Barclays, Eurohypo and HSBC who part funded the scheme. Working closely with JLL's Retail Consulting and Retail Agency a full due diligence team was created from the outset. The team provided the Banks with a detailed report on the development proposal, the positioning of the scheme and a valuation report. Liverpool One is one of the largest retail developments in Europe comprising 140 retail units, 2 anchor stores, leisure, car park, residential, hotel and offices. In 2007 we were re-instructed to provide an updated valuation report to the banks. In addition, in 2010, we were re-instructed to provide a bank valuation and detailed report to a new consortium of banks: RBS, Eurohypo, Credit Agricole and Dekabank.

 
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Valuation of Houndshill Shopping Centre in Blackpool for Deutsche Pfandbrief Bank

In September 2011 JLL were instructed to provide a bank valuation and report to Deutsche PfandBrief Bank on Houndshill Shopping Centre in Blackpool. Full due diligence of the centre was carried out with particular regard paid to the future value prospects of the asset taking into account the economic backdrop. Catalyst Capital purchased the shopping centre.