When initially purchased by First Alliance Properties in 2006, there were nine assets in the Scarlet Portfolio. Two assets have been sold (Trafford Park, Manchester and Lowfields Road, Leeds). Seven remain, located throughout the UK in Cardiff, Colchester, three in Milton Keynes, Swindon and Warrington. The assets are all industrial and are good quality units or small estates, each well located in their particular market.
Follow the links below for further information on the individual properties:
The Scarlet Portfolio was purchased by First Alliance Properties in December 2006, with The Royal Bank of Scotland (RBS) providing senior and mezzanine finance. In December 2013 First Alliance Properties acquired these loans from RBS, supported by a whole loan from PGIM, enabling a corporate restructuring and debt for equity swap. Subsequently, in April 2014 Lloyds Bank advanced senior debt to the new corporate structure with PGIM subordinated to a typical mezzanine position. In October 2015, following the sale of other assets, the PGIM mezzanine was repaid in full, leaving the Lloyds Bank senior debt which has recently been refinanced with Zurich Assurance.