The Sapphire Portfolio (Part) comprised 15 single-let industrial assets located throughout the UK. The portfolio book value of the 15 properties at the commencement of the contract in April 2011 was £33.3m. The portfolio was sold for £34.5m in December 2013.
The Sapphire Portfolio (Part) managed by First Alliance comprised of the following properties:
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. The portfolio was successfully sold along with a similar-sized portfolio of single-let industrial assets that was also held by West Register. The two portfolios together formed the whole of the Sapphire Portfolio.
