The Amber Portfolio comprised six single-let industrial assets and one car showroom located throughout the UK. The portfolio book value of the seven properties at the commencement of the contract in April 2011 was £9.16m. The portfolio was successfully sold off in parts as asset management initiatives were completed and opportunities arose to sell assets and realise gains.
The portfolio had been placed into West Register (part of RBS) following a default by the sponsor of the original RBS loan. First Alliance Properties successfully tendered, and were then instructed by West Register to undertake the asset management of the portfolio for an ongoing management fee and a profit share, payable on exit, for sales proceeds in excess of a pre-agreed threshold above book value.